In one of the most astonishing trades of the year, an anonymous crypto enthusiast transformed a gamble of $68,700 into an impressive fortune of approximately $9.4 million by investing in a token that emerged from a social media breach.
On October 3, the blockchain analytics firm Lookonchain revealed that this trader acquired 63.07 million units of a Binance Smart Chain token named “4” on October 1 for 68 BNB. Remarkably, within merely two days, the value of this investment skyrocketed over 135 times, presenting the holder with unrealized profits nearing $9.3 million. This extraordinary event sheds light on the extreme speculation surrounding memecoins.
Unlike traditional cryptocurrencies, which often have defined utilities, these tokens heavily rely on market sentiment and social media trends for their trading volume. While such volatility introduces substantial risks, the allure of potentially outsized returns continues to entice new participants into the market.
The Bizarre Genesis of the “4” Memecoin
The origin of the “4” memecoin is rather unconventional. On October 1, hackers seized control of the official BNB Chain X account and proceeded to share phishing links. Subsequently, BNB Chain reported that ten malicious links were disseminated during this breach, leading to an approximate total loss of $8,000, with one unsuspecting victim losing as much as $6,500.
Yu Xiang, founder of the blockchain security firm Slowmist, implicated the well-known Inferno Drainer group in this cyberattack. He stated:
“This incident appears to be yet another phishing scheme perpetrated by the infamous Inferno Drainer group. From analyzing one of the phishing wallet addresses, it seems the number of victims could be in the dozens.”
Inferno Drainer has gained notoriety for offering “drainer-as-a-service” packages, allowing scammers to create fraudulent websites and accounts aimed at extracting funds in exchange for a share of the stolen assets.
Interestingly, the attackers also introduced the “4” memecoin amid their phishing operation, selling their initial stakes for roughly $4,000. They manipulated market conditions to inflate prices further, ultimately exiting with around $22,000 before abandoning the project altogether.
In most scenarios, this might have marked the end for the token. Yet, surprisingly, instead of fading into obscurity, the “4” token garnered renewed momentum. Determined traders pooled liquidity, effectively rescuing the project from the attackers and transforming it into a token supported by a community of investors.
This unexpected pivot sparked a price explosion, with market tracker Dexscreener indicating that the “4” token surged nearly 200% within just 24 hours, trading at $0.1775 and boasting a market capitalization exceeding $150 million as of the latest update.
