Memecoins
Meme Coin Attack Causes $2 Million Loss, Exploit Still Holds $1 Million From Pepe’s Best Friend
The popular on-chain investigator highlighted in his Telegram channel the latest fraudulent activity involving one of the first investors in the Solana-based meme coin: ANDY.
It’s also worth noting that the price of Pepe’s best friend has plummeted by more than 20% in the last day alone.
ZachXBT Investigation of ANDY Drainer
As the chart above demonstrates, the exploiter drained around $2 million in meme coins in several transactions on Friday. They almost immediately started exchanging half of the illicit profit for ETH.
However, the unknown bad actor still holds half of ANDY’s ill-gotten gains. ZachXBT warned ANDY investors to be wary if they see transactions from this address that belongs in the dish drainer.
ANDY is one of the latest meme coins, with a current market capitalization of over $200 million. It should be a spin-off of PEPE as he is the webcomic character’s best friend.
As mentioned on the website and in the whitepaper, ANDY aims to be “more than just a meme. It is a symbol of community, creativity and the boundless potential of the collective imagination.”
However, its price collapsed following the exploit and in the context of the retracement of the entire market. ANDY has fallen more than 22% over the past day and is now struggling to reach $0.00022.