Pseudonymous investigator ZachXBT conducted an analysis that revealed the involvement of the Sol team, the creators of the Solana-based memecoin known as CAT, in compromising the account of crypto influencer Gigantic-Cassocked-Rebirth (GCR) on May 26. The intention behind the hack was to manipulate the prices of specific coins.
According to the investigation, the Sol team manipulated the launch of their own coin on May 24, allowing them to gain control of over 63% of the CAT supply. Subsequently, they sold more than $5 million worth of the CAT memecoin and distributed the profits across multiple wallets.
The funds obtained from the sale were later deposited into the trading platform Hyperliquid. Just minutes before the hack, the attackers opened long positions of $2.3 million on ORDI (ORDI) and $1 million on Ether.fi (ETHFI). In trading, a long position is a bet that the price of an asset will increase in the future.
Using the compromised GCR account, the attacker posted about ORDI, causing a temporary spike in the token’s price and resulting in a profit of approximately $34,000. A second post targeted the ETHFI token, but this time the market did not react as anticipated. After incurring a loss of $3,500, the hacker closed the position.
ZachXBT criticized the attackers, referring to them as “scammers with low IQ” due to their poor execution. He urged people to stop giving meme coin promoters a platform and highlighted the fact that individuals were taken advantage of simply because they purchased an expensive username and encountered mysterious posts.