Monday Newsletter

Explore the latest trends, gain valuable insights, and stay informed in the dynamic cryptocurrency ecosystem.

27 May 2024

A wave of high-profile social media account hacks has hit famous traders, rappers, and even Caitlyn Jenner, with the accounts being used to promote various tokens. Many believe these incidents are part of a coordinated hacking campaign.

Over the weekend, numerous industry influencers and celebrities had their X accounts hacked, promoting tokens like Luna2, ORDI, and various celebrity-themed memecoins.

One notable victim is Gigantic-Cassocked-Rebirth (GCR), a well-known pseudonymous cryptocurrency investor recognized for their contrarian trades. GCR confirmed their X account was hacked, and on May 26, the compromised account posted about ORDI and Luna2.0, causing temporary price spikes of 6% and 274%, respectively.

Many observers noted that the hacker missed an opportunity to promote a low-cap coin, which could have resulted in much higher gains. Crypto analyst Miles Deutscher commented, “GCR hacker fumbled the bag hard. Bro could’ve picked ANY believable micro cap to pump 10-20x, yet chose to shill ORDI and LUNA2 for a measly 10% wick.” ORDI, with its market cap of $856 million, has less potential for massive gains compared to smaller-cap coins.

The GCR hack is believed to be part of a broader attack on celebrity X accounts. Bitcoin developer and Ordinals commentator Udi Wertheimer warned, “GCR already told us today that there’s an operation going on hacking big twitter accounts. As more niche celebs are popping up by the minute launching meme coins — on a long weekend when platform engineers are away — I recommend that you guys be very careful.”

American rapper Rich The Kid (Dimitri Leslie Roger) had his X account post a link to buy the new token “RICH” for his 2.3 million followers. The token, launched on Solana’s memecoin creator tool, quickly reached a $90,000 market cap within two hours, according to DEX Screener data. It remains unconfirmed if Rich The Kid’s account was hacked, but the post has since been deleted.

Around the same time, Caitlyn Jenner’s X account promoted a new memecoin called “JENNER,” which amassed a $27.1 million market cap within eight hours of its launch, according to DEX Screener. There is ongoing debate over whether Jenner’s promotion video was a deepfake. However, both Jenner and her manager, Sophia Hutchins, have made statements confirming the posts and videos are genuine. Jenner’s Instagram account also promoted the coin, and Hutchins hosted an X space to emphasize there was no deepfake involved.

Interestingly, the crypto wallet associated with the JENNER coin promotion matches one used by adult content creator Kazumi, who was suspected of having her account hacked to promote the coin “ZUMI” on May 20. Other tokens like RICH, DOLL, and SOULJA are also allegedly linked to JENNER, although Hutchins denied any knowledge of these ties during the X space discussion.

As the situation develops, the community remains on high alert for further hacks and advises caution when encountering sudden promotional posts from well-known accounts.