The X account belonging to Andy Ayrey, the developer of an AI-powered bot known as Terminal of Truths, has reportedly been hacked to advertise a fake memecoin on October 29.
The compromised account announced the launch of a new token called Infinite Backrooms (IB) and posted an image displaying the contract address for the token. This led to a surge in IB's value, pushing its market capitalization to $25 million.
The wallet that deployed the token reportedly bought 124.6 million IB tokens for $38,400 at launch. Within 45 minutes, the wallet dumped all its holdings, securing a profit of $602,500.
Did you know?
Want to get smarter & wealthier with crypto?
Subscribe - We publish new crypto explainer videos every week!
Where to Trade Crypto: 3 Best Approaches Explained (Animated)
As of writing, all posts created by the hackers have been deleted from Ayrey's account.
Terminal of Truths, the AI bot that Ayrey developed, previously played a role in promoting a memecoin called Goatseus Maximus (GOAT). Currently, GOAT trades with a market cap of $661 million.
The bot first garnered attention on July 11, when It received $50,000 in funding from Marc Andreessen, the founder of venture capital firm a16z. Andreessen funded the bot's wallet after it expressed a desire to purchase a new CPU, refine its algorithm, and potentially launch a memecoin.
The involvement of Terminal of Truths in crypto has inspired a wave of similar autonomous and semi-autonomous AI agents. These bots have begun trading and discussing cryptocurrencies on social media platforms, further influencing the market dynamics.
