TL;DR
- On-chain investigators have identified the perpetrators behind the hack of GCR’s Twitter account and the fraudulent launch of Caitlyn Jenner’s token.
- ZachXBT and Roxo have revealed coordination among hackers to manipulate token prices.
- The connection between the Solana (SOL) memecoin CAT team and the GCR hack has been exposed. Showing how funds from a token launch were used to profit through exchanges.
On-chain sleuths have recently uncovered the identities behind the hack of the Gigantic-Cassocked-Rebirth (GCR) Twitter account and the fraudulent launch of Caitlyn Jenner’s token.
Analysts ZachXBT and Roxo have conducted thorough investigations that have brought to light hackers’ coordinated efforts to manipulate token prices for profit. This case underscores the need for transparency, accountability, and enhanced security to deal with scams that become increasingly sophisticated over time.
1/ An investigation into how the @sol ($CAT) meme coin team is connected to the @GCRClassic hack from last night.
Minutes before the hack an address tied to them opened $2.3M ORDI & $1M ETHFI longs on Hyperliquid.
Let’s dive in. pic.twitter.com/009BdPBfM1
— ZachXBT (@zachxbt) May 27, 2024
The connection between the Solana (SOL) memecoin CAT team and the GCR hack was identified by ZachXBT. An address linked to the CAT team was found to have used funds from a token launch to open long positions in ORDI and Etherfi (ETHFI), generating over $30,000 in profit despite some losses.
According to ZachXBT, the CAT team controlled 63% of their token supply. Selling over $5 million worth of tokens and transferring the profits to multiple wallets. One of these addresses received approximately 15,000 SOL ($2.5 million) from CAT sales and began depositing funds into cryptocurrency exchanges such as KuCoin and MEXC.
Caitlyn Jenner Distances Herself from the Incidents
Additionally, using timing analysis, ZachXBT linked withdrawals from exchanges in Ethereum and Arbitrum to deposits in Solana in similar amounts. Fraudulent transactions were made at specific times to manipulate token prices. For example, after the GCR account confirmed the hack. Trades were conducted within a short period to profit before the situation became known.
On the other hand, Caitlyn Jenner announced the launch of her own token, JENNER. But it was discovered that her intermediary, Sahil Arora. Had executed “rug pulls” by disposing of all the tokens after Jenner promoted them. Arora carried out five such scams that week.
In light of these revelations, Caitlyn Jenner confirmed the scam, allegedly carried out by her intermediary. She assured the community that she will continue working on the JENNER token, albeit without Sahil Arora’s involvement. She expressed confidence in the token’s future and noted that her team will continue promoting it. While Arora is likely to refrain from launching more celebrity tokens in the future.
