Blockchain sleuth ZachXBT uncovered a crypto theft targeting roughly $2 million worth of memecoins. In a post, the investigator revealed the thief exchanged half the stolen assets for Ethereum (ETH) and transferred them to new wallets.
ZachXBT shared a transaction diagram, a hallmark of his investigations. It showed the remaining stolen funds held in ANDY, a memecoin on the Base network. At the time of the report, the hacker held 4.2 billion ANDY, valued at approximately $1 million.
The investigation revealed the hacker stole the memecoins via three separate transactions within a minute. The stolen crypto was consolidated into a single wallet before being dispersed across five new addresses over multiple transactions. This transfer process took under 30 minutes.
The report highlights a couple of secondary transfers, with the most significant involving 8.38 ETH sent to a new wallet. The other involved a portion of the stolen memecoins.
ZachXBT’s alert coincides with surging interest in the memecoin sector fueled by the ongoing crypto market speculation. Many traders view memecoins as a potential source of quick profits due to their history of rapid price increases.