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TikTok-inspired meme token CHILLGUY has dropped by as much as 45% after the X account of Philip Banks, the Chill Guy meme’s creator, was compromised.
Philip Banks’ X (formerly Twitter) account was compromised, tweeting about granting IP rights to the crypto project team.
On Thursday, Banks unexpectedly tweeted that he had granted intellectual property (IP) rights to the ChillGuy token team.
Hacks Break Backs
The announcement surprised the crypto community as Banks had previously been vocal about his opposition to unauthorized use of the Chill Guy character. He had even threatened legal action against those profiting from it without his permission.
Shortly after Banks’ tweet, CHILLGUY soared 30%, rising from around $0.36 to $0.44, according to data from CoinGecko. However, the gains were quickly erased as skepticism surrounding the announcement intensified.
The official account of the ChillGuy community also flagged Banks’ tweet as suspicious, saying they were confused and seeking clarification. They later confirmed that Banks’ account was hacked.
As soon as the hack was spotted, CHILLGUY immediately dropped to $0.33 and extended its slides to $0.28 before a slight recovery. The token is now changing hands at around $0.3, down 18% in the last hours.
At the time of reporting, all the tweets posted by hackers were removed from Banks’ account. Hacks can do a ton of damage, and the internet makes it hard to know what is real.
With its relatable and laid-back vibe, the Chill Guy meme has gone viral over the past few months, inspiring the creation of the CHILLGUY token. However, there’s no official connection between the meme and the token.
Memes Are The New NFTs
Brands, celebrities, and users have started integrating the meme into its marketing campaigns and social media posts. However, Banks has publicly opposed the commercial use of his artwork. He has pursued copyright protection to prevent unauthorized commercial use, such as crypto-related projects.
Taking advantage of the meme’s popularity, the CHILLGUY token, created on the Solana-based meme generation platform Pump.fun, has skyrocketed in market value.
Launched on November 15, CHILLGUY quickly captured the attention of the crypto community, jumping from an initial market cap of $10 million to over $500 million within just a few days. On November 27, the token reached an all-time high of $0.65, marking an astonishing increase of more than 6,000% since its debut.
The token has been later listed on major cryptocurrency exchanges like Binance. However, following the listing on Binance’s futures platform on November 28, CHILLGUY has traded below its record high.
The recent hack that targeted Banks’ account has triggered a major drop in CHILLGUY’s market cap, now standing at around $300 million.
In light of the hack, market maker Wintermute reportedly purchased approximately $1.2 million worth of CHILLGUY just before Banks tweeted about granting intellectual property rights to the ChillGuy token team
The timing raises questions about Wintermute’s intentions and market strategies. Following the tweet, which led to confusion and speculation within the community, Wintermute capitalized on the volatility by offloading its holdings at a huge profit.
On-chain reports indicate that Wintermute’s wallet reaccumulated over 9.3 million CHILLGUY tokens after selling all at high. It is an interesting event,
Following Banks’ account hack, reports of other breaches have surfaced. Gate.io, a major cryptocurrency exchange has been rumored to have been attacked. However, Arkham Intelligence data revealed no evidence of significant or unusual cryptocurrency transfers during the reported timeframe.
Also earlier today, a user recently reported losing 10 Bitcoin and $1 million in NFTs from their Ledger hardware wallet. The user claimed the assets were stolen despite proper seed phrase storage and no authorization of malicious transactions.
The incident has led to community debate over potential security flaws within Ledger’s systems versus the possibility of user error.
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