Meme Coin Attack Results in a $2M Loss, Exploiter Still Holds $1M Worth of Pepe’s Best Friend

The popular on-chain investigator highlighted in his Telegram channel the latest fraudulent activity involving an early investor in the Solana-based meme coin – ANDY.

It's also worth noting that the price of Pepe's best friend has dropped by over 20% in the past day alone.

As the chart above shows, the scalper drained nearly $2 million worth of coins on Friday in several transactions. They started exchanging half of the illicit profits for ETH almost immediately.

However, the anonymous bad actor still keeps half of ANDY's ill-gotten gains. ZachXBT has warned ANDY investors to be cautious if they see any transactions from this is the address Which belongs to the dryer.

ANDY is one of the newest meme coins, with a current market cap of over $200 million. He is supposed to be a spin-off of PEPE because he is the webcomic character's best friend.

As stated on the website and in the whitepaper, ANDY aims to be “more than just a meme.” It is a symbol of community, creativity and the limitless potential of the collective imagination.

However, its price fell after the exploit and amid a market-wide rebound. ANDY price has fallen more than 22% in the past day and is now struggling at $0.00022.