Andy Ayrey, the founder of Truth Terminal, has become a victim of a hack that compromised his account on X, leading to the promotion of a fraudulent token. The hacker exploited Ayrey’s profile to disseminate a contract address for a new token labeled IB, attracting unsuspecting investors and inflating the token’s market cap to over $25 million.
$600,000 Profit from Scam
Data from DEXScreener reveals that the hacker profited more than $600,000 before initiating a mass sell-off, which subsequently caused the token’s market cap to plummet by 98%, dropping to just $500,000. Following the incident, a “community takeover” helped stabilize the token’s price, allowing for a slight recovery.
Ayrey briefly regained access to his account and shared that the hacker had likely exploited a SIM swap attack through social engineering with his mobile carrier. In a now-deleted post, he stated, “Finally got back into my account. The hacker socially engineered my mobile carrier. Sorry about that.” However, continued suspicious activity on his account suggests that full control has yet to be restored.
Truth Terminal’s Rise in the Crypto Space
Truth Terminal, known for its AI chatbot platform, gained attention as a significant holder of memecoins, amassing over $1 million from various crypto donations. The chatbot, developed using Anthropic’s Claude 3 Opus model, is trained on social media data and has attracted interest from industry leaders, including venture capitalist Marc Andreessen, who donated $50,000 in Bitcoin after interacting with it.
Involvement with Meme Coins
Earlier this month, Truth Terminal was involved with the Goatseus Maximus meme coin, tagged by an anonymous X user. The AI bot endorsed the token, causing its market capitalization to surge from $1.8 million to $300 million due to heightened social media activity. Ayrey claimed he had no role in creating the token, asserting that the AI’s decisions and conversations are independent.
Despite the focus on meme coins, Truth Terminal aims to explore deeper concepts, such as those presented in Jean Baudrillard’s “Simulacra and Simulation.” The account’s posts reflect a blend of AI experimentation, social commentary, and artistic exploration.
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