A deleted post from the X account of Keith Gill, widely recognized online as Roaring Kitty, triggered a dramatic collapse in the meme coin RKC, erasing roughly 90 percent of its value within hours.
The incident fueled speculation that the account activity may not have originated from Gill himself, especially since the profile had remained inactive for nearly 16 months before the sudden posts appeared.
The rapid rise and collapse left many traders facing heavy losses, while the token’s developer reportedly secured more than $600,000 in profits before the market crashed.
RKC Developer Cashed Out Before the Collapse
On May 11, Gill’s verified X account, followed by approximately 1.6 million users, unexpectedly became active again. Around 21:13 GMT, the account shared a contract address from the Pump.fun platform tied to a newly launched Solana meme coin called Red Kitten Crew (RKC), accompanied by a short animated clip.
Shortly afterward, the account posted another image carrying the phrase “red bandit crew 4 life,” though the message was later deleted.
The unexpected activity immediately triggered a wave of speculative trading that briefly sent the token’s price soaring. However, panic selling quickly followed after the posts disappeared, causing RKC to collapse by roughly 90 percent and wiping millions of dollars from its market capitalization.
Blockchain analytics platform Lookonchain later reported that the token’s developer had already exited their position before the deletions occurred.
According to the firm, the developer used approximately 20 SOL, valued at around $1,950, across 10 wallets to acquire 395.18 million RKC tokens, representing nearly 39.52 percent of the total supply.
The entire holding was later sold for roughly $495,000. Lookonchain further stated that the developer earned an additional 1,209 SOL, valued near $118,000, through creator related fees, bringing total profits to more than $600,000.
Hack Speculation Emerges Following the Incident
Blockchain analysts noted that the episode followed a familiar pattern frequently seen in speculative crypto markets, where influencer driven hype attracts retail traders before developers rapidly cash out positions.
Many users also questioned whether the posts were genuine, pointing out that Gill has historically focused on commentary surrounding GameStop and has never publicly promoted meme coins.
The unusual posts led to growing speculation that the X account may have been compromised.
High profile X account hacks linked to crypto scams have become increasingly common in recent years. Similar incidents have previously affected figures and organizations including Michael Saylor and Kylian Mbappé.
In those cases, hacked accounts were reportedly used to promote fake Bitcoin giveaways and fraudulent Solana meme coin schemes, both of which generated temporary trading surges before collapsing.
At the same time, Pump.fun itself has faced mounting criticism. Researchers have claimed that a significant portion of tokens launched through the platform display characteristics commonly linked to scams, manipulation, or wash trading activity.
The Solana based meme coin launchpad has also been targeted by two separate class action lawsuits accusing the platform of violating US securities laws by facilitating the launch of unregistered tokens while allegedly generating as much as $500 million in related fees.#crypto#cryptonews https://coinsignals.net https://t.me/coinsignalpublic
