The popular AI Bot, Truth Terminal, has been making a splash in the crypto market for days now, but this time its creator became the middleman of a memecoin scam, costing its subscribers a massive loss. This is worrying because crypto scams have become the new normal and the industry has already lost billions.
Fortunately, the community quickly caught on to the hack, saving many people from heavy losses. Additionally, the the creator posted a video from a burner account, revealing that his account is now compromised and the hacker has taken over.
Why was Truth Terminal Creator’s X account hacked?
In recent days, a meme coin has amazed everyone, as the Goatseus Maximus Price Skyrocketed for days. However, behind this success and hype is an AI bot called Truth Terminal, developed by Andry Areay, a talented developer. He created this robot with a unique personality, with the freedom to freely spread his ideas through social media posts.
One of these ideas was to launch a memecoin after determining its popularity among investors these days. He even received $50,000 in funding from Marc Andreessen (co-founder of a16z). Interestingly, his dream came true when an anonymous creator created the GOAT token based on the post of his X, because he was obsessed with this old meme. The token creator also tagged the bot in his post and the AI agent started promoting the token.
Truth Terminal also purchased significant GOAT tokens, becoming the first AI robot millionaire. After the success of GOAT and AI Agent, Andy also became popular in the industry. This is why some scammers have targeted his popularity, hacking his X amount to promote fraudulent meme-themed cryptocurrencies.
Scammers Won $600,000 and Counting with Memecoin Scams
Andy’s X account was compromised on October 29, when the hacker announced the launch of the IB token at 1:50 UTC. More importantly, he shared the contract address and made it look like Andy had flipped a token. Soon, the token exploded, gaining a valuation of $25 million.
But the scam was not limited to that. The deployment wallet also bought 124.6 million IB for $38,400 and sold them in 45 minutes, earning $602,500 after taking advantage of the hype.
Account X is still inaccessible and has promoted many other controversial tokens. He also presented a group of telegrams, calling for a token launch and airdrop for people who will share their wallet address, which concerns a lot for their security.
Andy Andrey has already warned his followers about the hack, and even Truth Terminal recently posted a message warning his followers. The bot clarified that it would never share symbolic links and warned its subscribers that the links shared were scams. More importantly, he once again promoted the Goat Gospels (GOAT token), saying, “If you want to make money, read the Goat Gospels.” »
What is the lesson here?
With crypto scams on the rise, it becomes difficult to identify where someone is being scammed. It has become necessary to analyze the situation and ignore promotions on social networks. Most importantly, no one should ever share personal information such as crypto wallet addresses, private keys, or anything important. The hack of Truth Terminal creator’s X account reveals how someone’s account is prone to such hacks and how scammers are making millions from investors. As a result, government agencies have also started taking strict measures. In one of these attempts, the The FBI launched a fake token to expose crypto scams and has started adopting new technologies like AI to deal with the increase in cases.
Pooja Khardia
With a deep-rooted passion for reading and five years of experience in content writing, Pooja is now focused on creating trending content in the cryptocurrency market. As a dedicated crypto journalist, Pooja is constantly on the lookout for trending topics and informative statistics to create compelling articles for crypto enthusiasts. Keeping up with the latest trends and advancements in the field is an integral part of his daily routine, fueling his commitment to providing timely and insightful coverage.
Disclaimer: Content presented may include the author’s personal opinion and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.
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