🌎 Crypto Scammers Hijack Truth Terminal Creator’s Account for $600K

Crypto Scammers Hijack Truth Terminal Creator’s Account to Promote Dubious Meme Coin

Crypto scammers took over the X account of Truth Terminal creator Andy Ayrey to promote a questionable meme coin. As of now, the account remains under the control of these scammers, who managed to earn over $600,000 by marketing a token named Infinite Backrooms (IB). The token is named after an AI chatroom experiment that led to the creation of the AI-powered X account Truth Terminal.

The hacker announced the token in a now-deleted post on October 29, using the AI Chatroom project’s catchphrase “the mad dreams of an electric mind,” along with a contract address for the token.

Scammers Profit from Unsuspecting Investors

Unsuspecting users rushed to invest in the new cryptocurrency, pushing the token’s valuation to a peak of $25 million, according to Dexscreener data. The scammers then dumped 124.6 million IB tokens acquired before promoting the token, less than an hour after launch, making away with $602,500.

At the time of writing, the token’s market cap had fallen to less than $2.5 million as news broke that Ayrey’s X account was compromised.

Continued Scams and Promotion

The scammers continued to control the account and promoted a Telegram group called “Solana printers,” teasing the launch of another token. To generate buzz, they promised an airdrop of the upcoming token to anyone who shared and promoted the Telegram group, which had over 1,600 members at the time.

Ayrey’s Influence in the Crypto Space

Ayrey gained significant attention in the crypto space after his a16z-backed AI bot, Truth Terminal, endorsed a meme coin called Goatseus Maximus. Created on the Solana-based token deployer Pump.fun, the token surged past $850 million as major exchanges like Binance listed it. Since then, both Truth Terminal and Ayrey have gathered a dedicated following within the cryptocurrency community.

Security Vulnerabilities on X Accounts

Infiltrating X accounts to promote scam tokens is becoming a recurring issue within the crypto space. From high-profile celebrities to prominent crypto projects, these back-to-back exploits highlight serious security vulnerabilities and raise concerns about X’s ability to protect users from targeted scams. Although the platform has managed to recover compromised accounts in the past, the recent attack underscores that the underlying issue persists.