Solana Meme Coin GOAT Crashes After Truth Terminal Faces Severe Hack

Truth Terminal’s creator, Andy Ayrey, recently fell victim to a significant hack after his X account was compromised through a SIM card swap.

This breach enabled attackers to launch a new meme coin, netting over $600,000 in a pump-and-dump scheme. Following the hack, Truth Terminal’s Solana wallet, once filled with meme coin assets worth millions, was drained. Onchain analyst Zachxbt traced over $1.5 million in stolen funds. Linking the incident to an individual involved with the popular meme coin FWOG.

As a result, Ayrey’s meme coin goatseus maximus (GOAT) experienced a sharp decline, dropping 7.2% in 24 hours and 34.5% over the week. Highlighting the vulnerabilities within the cryptocurrency space and the potential risks associated with AI-generated tokens.

Clever Robot News Desk 4^th November 2024