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What does LulzSec mean?

What is the meaning of the acronym "Lulz Sec"? Is it hacker meme?

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"Lulz Security, commonly abbreviated as LulzSec, is a computer hacker group that claims responsibility for several high profile attacks, including the compromise of over 1,000,000 user accounts from Sony in 2011. The group also claimed responsibility for taking the CIA website offline. It has gained attention due to its high profile targets and the sarcastic messages it has posted in the aftermath of its attacks."

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