A series of coordinated hacks targeting prominent crypto influencers, celebrities, and memecoins has sent shockwaves through the cryptocurrency community. Influential traders, rappers, and media personalities have had their social media accounts compromised, leading to the promotion of various tokens and memecoins. Additionally, a significant exploit on the NORMIE memecoin has exacerbated concerns over security in the crypto space. Details of these hacks and exploits, their impact on the market, and the broader implications for security in the crypto industry are tackled in this article.
Multiple Crypto Hacks Hits
Crypto Influencers Hacks
Over the weekend, numerous social media accounts belonging to high-profile figures in the cryptocurrency world were hacked. Among those affected was Gigantic-Cassocked-Rebirth, known as GCR, a pseudonymous investor famous for his contrarian trades. GCR's account was used to promote tokens like ORDI and Luna2, causing temporary price spikes of 6% and 274% respectively.
Despite the potential for substantial gains, the hacker's decision to promote these particular tokens instead of smaller microcap coins resulted in limited profit.
GCR's hack appears to be part of a larger, orchestrated effort targeting celebrity X accounts. Bitcoin developer and commentator Udi Wertheimer warned the community about an ongoing operation aimed at hacking major accounts. He advised caution, especially during weekends when platform engineers are less likely to be available.
GCR, who famously bet against Terra (LUNA) and won a $10 million wager, revealed that he had been warned about a potential hack two months in advance. Despite enhancing security measures, GCR believes that internal corruption at X.com facilitated the hack. He called on Elon Musk, CEO of X, to address the issue of compromised employee access and now he has applied more security measures on his X account, so you can't even check any of his posts unless he approves your follow request (and this just occurred at the time of writing this article)
Celebrities Hacks
American rapper Rich The Kid's X account posted a link to buy a new token named "RICH," which quickly amassed a market cap of $90,000 within two hours. While it remains unclear if his account was hacked, the post was soon deleted.
Meanwhile, Caitlyn Jenner's X account promoted a memecoin called "JENNER," which garnered a market cap of $27.1 million within eight hours. Videos featuring Jenner and her manager, Sophia Hutchins, confirmed the legitimacy of the posts, dispelling rumors of a deepfake. The wallet associated with the JENNER token was also linked to promotions by other figures, raising suspicions of a coordinated effort.
Meme Coin Hack
The team behind the Base memecoin Normie (NORMIE) faced a devastating smart contract exploit that caused the token's price to plummet 99% in less than three hours, slashing its market cap from nearly $42 million to $200,000. Blockchain analytics firm Lookonchain identified the exploit and revealed the hacker's offer to return 90% of the stolen funds if the team used the remaining funds to launch a new token to reimburse holders.
Despite accepting the hacker's conditions, the NORMIE team encountered further challenges, including suspended social media accounts and stringent demands from the hacker for a token re-launch before returning the funds. The exploit highlighted significant vulnerabilities within the memecoin ecosystem, with 72,000 NORMIE holders affected by the breach.
The recent wave of hacks on crypto influencers, celebrities, and memecoins underscores the critical need for enhanced security measures in the cryptocurrency industry. As the community grapples with these breaches, it becomes increasingly clear that robust security protocols and vigilant oversight are essential to protect assets and personal information. Investors and social media users must remain cautious and proactive in safeguarding their digital presence.
