In an intriguing turn of events, ZachXBT, a prominent figure in the cryptocurrency community, has untangled the mystery surrounding the recent GCRClassic hack and its connection to the CAT token on the Solana network. Known for his expertise in on-chain and open-source intelligence, ZachXBT’s investigation has shed light on the unfolding events, which have captivated many in the crypto world.
What Happened in the GCRClassic Hack?
The GCRClassic account was hacked, and ZachXBT linked this incident to the CAT token on the Solana network. According to his findings, just before the attack, an address related to the perpetrators opened significant long positions in ORDI and ETHFI on the Hyperliquid platform. This was a precursor to a series of transactions involving millions of dollars.
How Was the CAT Token Involved?
The team behind Sol ($CAT) sold over $5 million worth of CAT tokens, controlling a significant portion of the supply before distributing the profits to various wallets. A specific wallet, identified as 6M54x, received substantial amounts of SOL and began depositing funds into Kucoin and MEXC exchanges. This movement of funds was meticulously analyzed by ZachXBT, who matched the timing of these transactions with withdrawals from Ethereum and Arbitrum exchanges.
By May 25, significant sums were transferred and traded, with the hacker employing the compromised GCRClassic account to manipulate the market and close positions for profit. These suspicious activities spanned multiple platforms and showcased a blend of strategic planning and opportunistic trading.
Key Takeaways for Crypto Investors
ZachXBT, with a reputation for exposing fraudulent schemes, offers valuable lessons from this incident:
- Do not trust a person solely based on their expensive username or cryptic posts.
- Refrain from giving advice on meme coins to avoid fueling speculative frenzies.
- Understand the process of scams, from SIM Swap and phishing to meme coin cons.
- Be aware that meme coins can be manipulated as much as venture-capital-backed tokens.
- Scammers often lack intelligence, as evidenced by their predictable patterns.
By carefully analyzing these events, ZachXBT has once again demonstrated the importance of vigilance and informed decision-making in the volatile world of cryptocurrency.