coinedition.com
Blockchain sleuth ZachXBT uncovered a crypto theft targeting roughly $2 million worth of memecoins. In a post, the investigator revealed the thief exchanged half the stolen assets for Ethereum (ETH) and transferred them to new wallets.
ZachXBT shared a transaction diagram, a hallmark of his investigations. It showed the remaining stolen funds held in ANDY, a memecoin on the Base network. At the time of the report, the hacker held 4.2 billion ANDY, valued at approximately $1 million.
The investigation revealed the hacker stole the memecoins via three separate transactions within a minute. The stolen crypto was consolidated into a single wallet before being dispersed across five new addresses over multiple transactions. This transfer process took under 30 minutes.
The report highlights a couple of secondary transfers, with the most significant involving 8.38 ETH sent to a new wallet. The other involved a portion of the stolen memecoins.
ZachXBT’s alert coincides with surging interest in the memecoin sector fueled by the ongoing crypto market speculation. Many traders view memecoins as a potential source of quick profits due to their history of rapid price increases.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.