- Andy Ayrey’s X account was hacked, promoting a fake token (“IB”) and driving a rapid $25M market cap increase
- The hacker sold off a 12.5% stake, profiting $600K before the token’s market cap dropped 98%
- Despite efforts to stabilize the token, the incident raises concerns about account security in the crypto industry
Andy Ayrey, the founder of Truth Terminal, recently faced every crypto investor’s worst nightmare—a sudden hack on his X account (formerly Twitter). In a stunning twist, Ayrey’s account was hijacked and used to promote a fraudulent token with the ticker symbol “IB,” leading to massive losses for those who took the bait.
But let’s break it down because this was no ordinary hack; it was a carefully crafted trap that left a $600,000 profit for the hacker, while investors found themselves holding the bag.
Truth Terminal Hack Leaves Investors Reeling
The scam unfolded fast. Using Ayrey’s account, the hacker posted a contract address for the new IB token and managed to grab a 12.5% stake of the entire token supply. The announcement, coming from a trusted name, drew in crowds of unsuspecting investors, pushing the IB token’s market cap to an eye-popping $25 million in record time.
But just as quickly, DEXScreener data showed the hacker’s true motive—timing a massive sell-off that tanked the token’s market cap by 98%, plummeting it from $25 million to a mere $500,000.
The result? The hacker cashed out with over $600,000 in profit while investors scrambled to recover.
After regaining access, Ayrey revealed that he suspects the hack was due to a SIM swap attack—a sophisticated form of phishing where the hacker compromised his mobile carrier to gain control over his account.
Although Ayrey has since reclaimed his X account, suspicious activity lingers, hinting that the hacker might still have partial control. Imagine that, battling for control of your own account!
Since the incident, the crypto community has rallied with attempts to stabilize the IB token’s value. Community members have jumped in with a “community takeover” effort, hoping to breathe some life back into the token.
Encouraging signs of recovery have been reported, but the impact of this incident has left a serious mark.
Conclusion
In the end, Ayrey’s story is a wake-up call. Hackers are evolving, and their tactics are getting bolder.
For investors, the lesson is clear: even the most trusted voices can be hijacked in a second, and vigilance is a must in this space.
