Bitcoin

Meme Coin Attack Results in a $2M Loss, Exploiter Still Holds $1M Worth of Pepe’s Best Friend

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The popular on-chain sleuth highlighted in his Telegram channel the latest fraudulent activity that involved an early investor in the Solana-based meme coin – ANDY.

It’s also worth noting that Pepe’s best friend’s price has plummeted by more than 20% in the past day alone.

ZachXBT Investigation of Andy Drainer
ZachXBT Investigation of ANDY Drainer

As the graph above demonstrates, the exploiter drained approximately $2 million worth of meme coins on Friday in several transactions. They began swapping half of the illicit profit for ETH almost immediately.

However, the unknown bad actor still holds half of the ill-gotten gains in ANDY. ZachXBT warned ANDY investors to be wary if they see any transactions from this address that belongs to the drainer.

ANDY is one of the latest meme coin sensations, with a current market cap of well over $200 million. It is supposed to be a spin-off of PEPE since it 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’s a symbol of community, creativity, and the boundless potential of the collective imagination.”

However, its price tumbled following the exploit and amid the market-wide retracement. ANDY has dropped by more than 22% in the past day and now struggles at $0.00022.

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