A Solana memecoin linked to Keith Gill’s “Roaring Kitty” social media account collapsed after its developer exited with $729,000. Traders got crushed. Now there’s a bigger question: Was Gill’s account hacked?
The Red Kitten Crew (RKC) token briefly hit an $11 million market cap. That followed a now-deleted post from Gill’s X account. Then it plunged 67% to $3.6 million, according to blockchain tracker Lookonchain.
The post marked Gill’s first activity in more than 15 months. Speculation about a hack started immediately. Cointelegraph contacted Gill to confirm whether he still controlled the account.
The timing was catastrophic for late buyers. They rushed in assuming Gill—the central figure in the 2021 GameStop short squeeze—was endorsing the project. He wasn’t.
Lookonchain reported the developer sold approximately $611,000 worth of RKC. He collected another $118,000 in Pump.fun creator fees. The blockchain analysis also revealed that 10 wallets tied to the creator accumulated 395.18 million RKC tokens at launch. That’s 39.52% of the total supply. Coordinated insider buying. Classic setup to dump on retail.
One trader exemplified the carnage. He spent $250,000 on 31.15 million RKC shortly before the post vanished. Then sold for only $62,200. Loss of $188,600. In under an hour.
The RKC incident fits a wider pattern. Bubblemaps previously warned that 90 wallets controlled 90% of the Mystery token’s supply before that coin crashed more than 98%. A separate trader reportedly netted nearly $28 million on a token called BROCCOLI. That happened after comments by former Binance CEO Changpeng Zhao sparked a buying frenzy.
The episode underscores persistent vulnerabilities in memecoin markets. Thin liquidity. Concentrated token distribution. Perfect conditions for rapid value extraction. A celebrity-linked post generates sudden urgency. Insiders holding large early positions sell into retail demand before prices collapse.
The deleted Roaring Kitty post combined with the developer’s swift exit and the concentrated supply among creator-linked wallets turned RKC into a fast-moving extraction event. If you arrived late, you got wrecked.
