A new memecoin launch, a hacked influencer account, and some poorly executed market manipulation—welcome to the latest crypto scandal.
On May 27, pseudonymous blockchain investigator ZachXBT unveiled the results of his latest probe, implicating the creators of Solana-based memecoin CAT in a coordinated attack on Gigantic-Cassocked-Rebirth (GCR), a popular crypto influencer.
According to ZachXBT, the team behind CAT launched the token on May 24, secretly keeping over 63% of the supply. By Sunday, May 26, they had hacked GCR’s X account, used it to promote unrelated tokens like ORDI and Luna 2.0, and sold off more than $5 million worth of CAT across multiple wallets.
Their apparent strategy? Use GCR’s reach to influence prices while holding long positions. Before the hack, the perpetrators opened $2.3 million in ORDI longs and $1 million in ETHFI positions on Hyperliquid. The brief shill worked—ORDI jumped from $40 to $44, netting about $34,000. Luna 2.0 spiked 274% momentarily. But ETHFI flopped, costing the group around $3,500.
Amateur Hour, According to ZachXBT
“Scammers are low-IQ, as evidenced by the awful execution,” ZachXBT posted. “People let a scammer farm them for 7 figs just because they purchased an expensive username and made mysterious posts.”
The investigation cast a harsh light on memecoin hype culture, especially when it comes to influencer-backed tokens. It also raised questions about who gets trusted—and why.
Inside the Breach: SIM Swaps and Alleged Bribes
GCR later confirmed that the hack happened through a SIM-swapping attack, where a scammer tricks a mobile carrier into handing over access to a phone number.
More disturbingly, GCR hinted that someone inside X.com (Twitter) may have been bribed to grant account access. “There is no security if X employees take money for admin access,” he wrote.
ZachXBT’s investigation has not linked the CAT team to other influencer attacks, but speculation is mounting. The past week saw a flood of suspicious memecoin launches backed by celebrity accounts—some verified, others quickly walked back.
Celebrity Coin Chaos
Just hours after the GCR incident, Caitlyn Jenner’s X account began promoting a Solana-based token, JENNER, launched via pump.fun. The token hit a market cap of $37 million by Monday morning.
Skeptics cried foul, but Jenner and her manager, Sophia Hutchins, posted videos confirming the coin was legitimate. Critics weren’t convinced—some suspect AI-generated deepfakes.
Meanwhile, rapper Rich The Kid promoted a token called RICH, also via pump.fun. Shortly after, he claimed his account had been hacked. The promo post was deleted, but the market had already moved.
This is the new frontier of memecoins: a mix of hype, hijacks, and high-speed fraud. And if ZachXBT’s latest findings are any indication, the stakes—and the tactics—are only getting more brazen.
