An unknown crypto trader has made one of the most unlikely fortunes of the year, turning a $68,700 bet into roughly $9.4 million by backing a token that originated from a social media hack.
On Oct. 3, blockchain analytics firm Lookonchain reported that the trader bought 63.07 million units of a Binance Smart Chain token called “4” on Oct. 1 for 68 BNB.
Within two days, the value of that stash had multiplied by over 135x, leaving the holder with an unrealized gain of roughly $9.3 million. This remarkable profit once again highlights the extremes of memecoin speculation.
Unlike conventional cryptocurrencies, these tokens often lack underlying utility and trade almost entirely on social sentiment. Their volatility makes them risky, yet the potential for exponential gains continues to draw new investors.
4 memecoin origin story
The “4” memecoin token has an unusual backstory. On Oct. 1, attackers hijacked the official BNB Chain X account and used it to distribute phishing links.
BNB Chain later reported that ten malicious links were shared during the breach, resulting in approximately $8,000 in total losses across networks, with one user incurring a loss of up to $6,500.
Yu Xiang, founder of blockchain security firm Slowmist, connected the attack to Inferno Drainer. He said:
“[This is] another phishing operation related to the notorious Inferno Drainer phishing group. Judging by one of the phishing wallet addresses, the number of victims might be a few dozen
Inferno Drainer is a notorious group known for offering “drainer-as-a-service” kits. These tools enable scammers to create fake websites and accounts that are designed to siphon funds in exchange for a share of the stolen assets.
Meanwhile, the attackers had also launched the “4” memecoin during the exploit, selling their initial holdings for around $4,000. They then manipulated the market to push up prices and staged another exit for $22,000 before abandoning the project.
In many cases, this would have been the end of the story. However, instead of collapsing, the token found new life. Crypto traders consolidated liquidity, effectively taking the project out of the attacker’s hands and transforming it into a community-led asset.
That unexpected shift fueled a price surge. Market tracker Dexscreener shows that “4” gained nearly 200% in the last 24 hours, trading at $0.1775 with a market capitalization above $150 million as of press time.
Credit: Source link