The founder of Truth Terminal, Ayrey, recently experienced a security breach when his X account was hacked, leading to the promotion of a fraudulent memecoin known as Infinite Backrooms (IB). This incident occurred on October 29, 2024, when a post from Ayrey’s compromised account cryptically announced the launch of the IB token, complete with the token’s contract address. The announcement quickly gained traction in the crypto community, resulting in an explosive surge in the token’s valuation, reaching a staggering $25 million within a short period.
The hackers behind this breach executed a savvy strategy, purchasing 124.6 million IB tokens for an initial investment of $38,400 at launch. Remarkably, they sold all their holdings just 45 minutes later, making off with a profit exceeding $600,000. As of the time of this report, Ayrey’s account remained compromised, and the hackers continued to post additional promotions for various new memecoins, as well as links to Telegram groups, further exploiting the situation for their benefit.
Truth Terminal is notable for its role in the cryptocurrency landscape, having previously propelled the memecoin Goatseus Maximus (GOAT) to a peak valuation of $940 million. However, it is important to clarify that the bot, which utilizes a fine-tuned version of Meta’s Llama 3.1 language model, had no involvement in the creation of the GOAT token but endorsed it after its launch. Ayrey only reviews and filters the bot’s posts, highlighting the challenges of managing automated accounts in a rapidly evolving digital space.
This incident serves as a stark reminder of the vulnerabilities inherent in automated social media accounts, particularly within the cryptocurrency sector where scams and fraudulent activities are prevalent. As the popularity of such bots grows, so does the potential for abuse by malicious actors looking to exploit the trust of followers. As the crypto community continues to navigate these challenges, users are advised to remain vigilant and critical of information shared through automated platforms, ensuring that they verify sources before engaging in any financial activities.
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