Andy Ayrey, the inventor of Truth Terminal, was recently the victim of a clever hack that resulted in the promotion of Infinite Backrooms (IB), a phony memecoin, on his social media accounts. The hackers circulated posts promoting IB and encouraged followers to invest, taking advantage of Ayrey’s well-established credibility. As investors flocked in, the token’s value surged in a matter of hours, peaking at $25 million.
However, the attackers were prepared to quickly withdraw. They sold off 124.6 million IB tokens, which they had purchased for $38,400 at launch, shortly after generating the buzz. The scammers stole over $600,000 in a quick 45-minute sell-off, causing the token’s market cap to crash by about 98%.
Suspicious postings that linked followers to a Telegram group created by the hackers and hinted at additional token launches were still visible on Ayrey’s account. The fraud not only impacted IB investors but also sparked concerns about persistent security flaws in social media accounts throughout the cryptocurrency community. Despite his efforts to secure his account, Ayrey believes a SIM swap would have made the attack possible, granting unauthorized access.
Truth Terminal gained notoriety for its influence on the cryptocurrency community and its AI-powered, semi-autonomous operations. Designed to evaluate and recommend new coins, Truth Terminal has influenced other automated trading bots in the sector. It recently attracted notice for endorsing Goatseus maximus (GOAT), a token that achieved noteworthy prices. In the crypto realm, where prominent accounts are still susceptible to similar exploits, this episode underscores the necessity for heightened attention as Ayrey attempts to restore control of his account
