Founders X Account Exploited by Hacker Resulting in 600K Being Raised Following Vulnerability in Truth Terminal

Hacker makes $600K profit from fraudulent IB token.
Token market value drops dramatically after massive sell-off.
Andy Ayrey recovers account after SIM swap attack.
In a recent incident that has alarmed the cryptocurrency community, Truth Terminal founder Andy Ayrey’s X account was compromised. The hacker responsible used the platform to publish a contract address for an unknown token with the ticker IB. Intriguingly, the hacker’s account acquired 12,5% ​​of the total available tokens, triggering a buying spree among unsuspecting investors.
The hype surrounding the token caused its market value to soar to an impressive $25 million. However, this appreciation was short-lived. The hacker, after making a substantial profit of over $600.000, according to information from DEXScreener, initiated a massive liquidation. This sudden movement resulted in a steep drop in the token’s price, which plummeted by almost 98%, reducing its market value to around $500.000. Since then, the token has experienced a remarkable recovery, attributed to a ‘community takeover’ initiative.
After a tumultuous period, Ayrey has managed to regain control of his account, at least temporarily. He revealed that the unauthorized access was made possible through a SIM swap attack, carried out with the help of social engineering against his mobile operator. Although he has recovered the account, there are still signs of suspicious activity, which suggests that the security may still be compromised.
Related Stories


EigenLayer Hack: Official X Account Hacked to Promote Fake Airdrop
18/10/2024


Cryptocurrency Exchange BingX Announces Resumption of Withdrawals Following $52 Million Hack
21/09/2024
I still have no service, I’m working on regaining access to my phone number.
— Andy Ayrey (@AndyAyrey)
October 29, 2024
In a statement via X, which was later deleted, Ayrey apologized: “I finally got back into my account. The hacker social engineered my mobile carrier. Sorry about that.”
Truth Terminal, known for pioneering the accumulation of assets in excess of $1 million through its chatbot associated with the memecoin “GOAT” and other donations, has had its data customized for Anthropic’s Claude 3 Opus language model.
Disclaimer:
The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.
Tags:
Hacker Attack