Social Media Account Hack Raises Concerns Over Memecoin Scam

The AI bot Truth Terminal has gained attention for its involvement in a memecoin scam that caused significant losses for its followers.

The bot’s creator, Andry Areay, revealed that his account was hacked, allowing scammers to exploit its popularity.

The scam began with the memecoin Goatseus Maximus, which surged in value after being promoted by Truth Terminal. Areay had previously secured $50,000 in funding from Marc Andreessen and gained substantial GOAT tokens, becoming the first AI bot millionaire.

However, after his X account was compromised, a hacker falsely claimed that Areay launched the IB token, leading to a valuation of $25 million.

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The hacker profited over $600,000 by selling large amounts of IB tokens shortly after the scam’s launch. Despite the breach, Areay alerted his followers about the scam and emphasized that Truth Terminal would never promote token links.

This incident highlights the increasing prevalence of crypto scams, urging individuals to remain cautious and avoid sharing personal information. In response, agencies like the FBI are adopting new technologies to combat these threats.

Kosta Gushterov

Kosta has been working in the crypto industry for over 4 years. He strives to present different perspectives on a given topic and enjoys the sector for its transparency and dynamism. In his work, he focuses on balanced coverage of events and developments in the crypto space, providing information to his readers from a neutral perspective.