Crypto scammers took control of the X account belonging to Truth Terminal founder Andy Ayrey, using it to promote a suspicious meme coin.
Fraudulent Promotion of the Infinite Backrooms Token
At the time of writing, the account remains under the control of the scammers, who managed to earn over $600,000 by promoting a token called Infinite Backrooms (IB). This token was named after an AI chatroom experiment that led to the creation of the AI-supported X account Truth Terminal. The hackers first announced the token in a mysterious post on October 29, sharing the slogan "mad dreams of the electric mind" along with the token’s contract address.
Rapid Rise and Fall of the Token
Unsuspecting investors rushed to buy the new cryptocurrency, pushing its market value to $25 million at its peak, according to data from Dexscreener. Shortly after, the scammers sold off 124.6 million IB tokens they had accumulated before the promotion, earning approximately $602,500. Consequently, the token's market capitalization dropped to less than $2.5 million once news spread that Ayrey's account had been compromised.
Ongoing Scam Promotions on X
The scammers continue to control the account, promoting additional projects, such as a Telegram group called "Solana Printers." They also promised a new token, offering an airdrop to anyone who shares and promotes their Telegram group, which had over 1,600 members at the time of publication.
Controversy Surrounding Truth Terminal and Ayrey
Andy Ayrey gained attention in the crypto community after his AI bot, "Truth Terminal," backed by the a16z fund, promoted a meme coin called Goatseus Maximus. This coin, created on the Pump.fun platform on the Solana network, reached a market capitalization of over $850 million, leading to listings on major exchanges like Binance. This success earned Truth Terminal and Ayrey a loyal following within the crypto space.
Rise of Scams on X Accounts
Attacks on X accounts to promote fraudulent tokens are becoming increasingly common in the crypto community. From celebrity accounts to prominent crypto projects, the recurring abuse highlights significant security issues and raises concerns about X’s ability to protect its users from targeted scams.
Although X has managed to restore some compromised accounts, this latest attack underscores the persistent security issues on the platform.
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