Cryptocurrency Under Attack- Hackers Target Influencers to Shill Memecoins

The cryptocurrency community was recently rocked by a series of hacks targeting social media accounts of prominent figures. Hackers gained control of these accounts, primarily on the X, and used them to promote various memecoins. This incident raises serious concerns about security vulnerabilities and scams in the crypto space.

A Weekend of Unsettling Activity

Over a weekend, hackers compromised the X accounts of several crypto influencers and celebrities. These compromised accounts were then used to promote a variety of memecoins, leading to temporary price hikes for the promoted tokens.

GCR’s hacked account and missed opportunity

One of the high-profile victims was Gigantic-Cassocked-Rebirth (GCR), a pseudonymous cryptocurrency investor known for his contrarian trading strategies. Hackers gained access to GCR’s X account on May 26 and posted content promoting ORDI and Luna2.0 tokens. While these promotions resulted in short-lived price increases of 6% and 274% for the respective tokens, some analysts believe the hackers missed a significant opportunity. Given the smaller market capitalization of microcap coins, they could have caused even larger price spikes by promoting such lesser-known tokens.

Fears of a wider attack

The GCR incident may be just the tip of the iceberg. Udi Wertheimer, a Bitcoin developer, expressed concerns that this could be part of a larger coordinated attack targeting high-profile X accounts, particularly those belonging to celebrities who have recently launched their own memecoins. He advised caution, particularly considering the surge in popularity of memecoins and the timing of the attacks coinciding with a long weekend when platform security teams might have had fewer personnel available.

Celebrity X accounts in the crosshairs

The attack spread beyond crypto influencers. Hackers also targeted celebrities like rapper Rich The Kid and media personality Caitlyn Jenner. Rich The Kid’s X account was used to promote a new token called RICH launched on a platform known for facilitating memecoin creation. While there is no confirmation of a hack, the post promoting the token was later deleted.

Caitlyn Jenner’s controversial token launch

Caitlyn Jenner’s case was even more complex. Her X and Instagram accounts were used to promote a new memecoin named JENNER. Videos featuring Jenner and her manager, Sophia Hutchins, surfaced, seemingly endorsing the token. However, the legitimacy of these videos led to debate within the crypto community.

The JENNER token was launched on, a platform on the Solana blockchain specifically designed for memecoin creation. The platform’s own X account actively promoted the JENNER token, further blurring the lines between a legitimate launch and potential manipulation.

Deepfake concerns and wallet address mystery

 Some experts suspected the use of deepfake technology to create videos impersonating Jenner. Additionally, the crypto wallet address associated with the JENNER token raised eyebrows. This address matched the wallet address previously linked to an adult content creator whose account was also hacked and used to promote a different token just days earlier. This raised concerns about potential connections between the various hacks and the possibility of a larger scam operation.

Despite the controversy, the JENNER token experienced a price increase of 28,000% in just a single day. Data from DEX Screener, a platform tracking decentralized exchange activity, showed the token reaching a market capitalization of $18 million. However, the legitimacy of these gains remains questionable.

A Divided Community and Regulatory Concerns

The crypto community remains divided on the legitimacy of the JENNER token and its future prospects. Some remain optimistic, while others suspect a coordinated scam. This incident highlights the security vulnerabilities within the crypto space, especially when high-profile figures are involved. 

This incident is also likely to attract further scrutiny from regulatory bodies. The ease with which memecoins can be manipulated and used for scams raises concerns about investor protection. Regulators might push for stricter regulations on the issuance and promotion of cryptocurrencies, particularly those with limited utility.

Joas Buysse

Joas is a seasoned investor and fintech expert from Bassecourt, Jura, Switzerland. She also works as an administration executive at Stock B. Joas has been working with SB news since 2 years to educate its readers about NFT, Cryptocurrency and Fintech tips.

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