The popular AI Bot, Truth Terminal has been making a sensation in the crypto market for days now, but this time, its creator became the mediator of a memecoin scam, costing his followers a massive loss. It is concerning as crypto scams have become the new normal, and the industry has already lost billions.

Thankfully, the community soon figured out the hack, saving many from big losses. Additionally, 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 the last few days, a meme coin has amazed everyone, as the Goatseus Maximus massive price surged 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 bot with a unique personality, with the freedom to run its ideas freely through social media posts.

One of those ideas was launching a memecoin after figuring out their popularity among investors these days. He even received $50K in funding from Marc Andreessen (co-founder of a16z). Interestingly, its dream came true when an anonymous creator created the GOAT token based on its X’s post, as he has been obsessed with this old meme. The token creator also tagged the bot in his post, and the AI agent began promoting the token.

Truth Terminal also bought significant GOAT tokens, becoming the first AI bot millionaire. After the success of GOAT and the AI agent, Andy also became popular in the industry. That is why some scammers targeted his popularity, hacking his X amount to promote a scamming meme-themed cryptocurrencies.

Scammers Made $600K & Counting With Memecoin Scams

Andy’s X Account was compromised on Oct. 29, as the hacker announced the launch of the IB token at 1:50 A.M UTC. More importantly, he shared the contract address and made it look like Andy had launched a token. Soon, the token boomed, gaining a $25 million valuation.

However, the scam was not limited to that. The deploying wallet also purchased 124.6M IB for $38,400 and sold them within 45 minutes, making  $602,500 after taking advantage of the hype.

The X account is still unaccessible and has promoted many other controversial tokens. He also introduced a telegram group, claiming a token launch and airdrop for the people who will share their wallet addresses, concerning many for their security.

Andy Andrey has already warned his followers about the hack, and even the Truth Terminal recently posted to warn its followers. The bot cleared that it would never share any token links and warned followers that shared links are scams. More importantly, he promoted goatse gospels (GOAT token) again, saying “If you want to make money, read the goatse gospels.”

What’s The Lesson Here?

With the rising crypto scams, it is getting challenging to identify where someone is getting scammed. It has become necessary to analyze the situation and ignore social media promotions. More importantly, nobody should ever share any personal information like crypto wallet addresses, private keys, or anything significant. The Truth Terminal creator’s X account hack reveals how someone’s account is prone to such hacks and how scammers make millions from investors. As a result, government agencies have also begun taking strict action. In one such attempt, the FBI launched a fake token to expose crypto scams and began adopting new technologies like AI to deal with the rising cases.

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Pooja Khardia

With a deep-seated passion for reading and five years of experience in content writing, Pooja is now focused on crafting trending content about cryptocurrency market.

As a dedicated crypto journalist, Pooja is constantly seeking out trending topics and informative statistics to create compelling pieces for crypto enthusiasts. Staying abreast of the latest trends and advancements in the field is an integral part of her daily routine, fueling a commitment to delivering timely and insightful coverage

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.