As a seasoned crypto investor with battle scars from numerous market fluctuations and scams, I can’t help but feel a sense of deja vu when reading about the latest exploit involving the Truth Terminal creator’s account. It seems that no matter how innovative or promising a project may be, it’s always the weakest link – human error or security flaws – that provides an opening for scammers to strike.
Scammers pretending to be the creator of Truth Terminal, Andy Ayrey, took over his X account and advertised a questionable meme token instead.
Currently, as we speak, the account housing the crypto scam remains in the grasp of the fraudsters who successfully amassed approximately $600,000 by promoting a token known as Infinite Backrooms (IB), which derived its name from an AI chatroom experiment that eventually spawned the AI-driven X account Truth Terminal.
On October 29th, the hacker initially disclosed the token in a since-removed post, employing a veiled approach by utilizing the AI Chatroom project’s slogan “the frenzied visions of an electrified intellect,” accompanied by the contract address for the token.
Naive investors were drawn in by the latest cryptocurrency offering and, believing they could earn a fast profit, helped drive the token’s worth up to $25 million at its maximum value according to Dexscreener statistics. Shortly after, the fraudsters sold 124.6 million IB tokens that they had acquired prior to promotion, and just under an hour after its launch, made off with a total of $602,500.
Currently, the market value of the token has decreased to below 2.5 million dollars, following news that Ayrey’s X account was hacked.
As an analyst, I’ve noticed that these fraudsters have managed to maintain their grip on the situation they’ve created. They’ve publicized a Telegram group, humorously named “Solana Printers,” and have been hinting at the release of a new token.
To generate excitement for the upcoming token release, these questionable individuals offered an airdrop as a reward for anyone who helped spread the word about their Telegram community, boasting approximately 1600 members when the announcement was made.
In the dynamic realm of cryptocurrencies, I, as an investor, found myself captivated by Ayrey’s innovation – the AI bot, Truth Terminal, backed by a16z. This bot stirred quite a commotion when it advocated for an unconventional meme coin, Goatseus Maximus (GOAT). This digital currency was birthed from an internet meme-inspired faith that the bot itself had proposed.
The token was developed using the token deployer platform Pump.fun on the Solana network. After significant cryptocurrency exchanges like Binance added it to their listings, the token’s value soared beyond $850 million. Since then, both Truth Terminal and Ayrey have garnered a substantial following within the crypto community.
X accounts targeted by scammers
It’s increasingly common for people to infiltrate various cryptocurrency accounts with the aim of peddling fraudulent tokens. This trend has been seen across high-profile celebrities, significant crypto projects, and it underscores some serious security loopholes. Repeated incidents have sparked worries about the effectiveness of X’s measures to safeguard users from targeted scams.
Despite successfully restoring hacked user accounts, the latest incident underscores that the fundamental problem remains unresolved.
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2024-10-29 11:56