This Crypto Trader Made $1.69 Million With $3,300 In 15 Days; Insider Job?

by

As a researcher with extensive experience in the crypto industry, I find the case of this crypto trader making impressive gains within just a few days raising some red flags. While it’s true that heavy gains are possible in the volatile world of cryptocurrencies, the ease with which this trader turned a small investment into millions is hard to believe.

As a researcher studying the cryptocurrency market, I’ve come across numerous instances this year of traders making substantial profits with relatively small initial investments. For instance, one trader reportedly turned $3,300 into millions within a matter of days. Such remarkable returns are not unheard-of in this industry, but their authenticity is often called into question.

In this post, we’ll delve into the details of how a cryptocurrency trader amassed a fortune amounting to $1.69 million. The question at hand is: Was this a result of insider trading?

Two Meme Coins Made $1.69 Million For The Crypto Trader

Based on the data from Lookonchain, I made an investment of 23 SOL, equivalent to around $3,300, and managed to sell them for a substantial gain of 11,229 SOL, which translates to approximately $1.69 million, within just 15 days. I then spent 16 Solana tokens to purchase 366.92 million GUNIT tokens on June 22, 2024. Immediately following the purchase, I sold these tokens for a profit of 5,491.5 Sol, or roughly $721,900. With this single investment in GUNIT, I achieved an impressive return of over 343x, resulting in profits totaling $5,475,500.

An insider made 11,229 $SOL($1.69M) in just 2 days, costing only 23 $SOL($3,300)!
Invested 7.1 $SOL on $HULK and got 5,760.7 $SOL returned.
Invested 16 $SOL on $GUNIT and got 5,491.5 $SOL returned.
1/ Let’s dig into his trades.
— Lookonchain (@lookonchain) June 22, 2024

Furthermore, the crypto trader didn’t stop at just one meme coin investment. Seventeen days ago, they invested in HULK (HULKAMANIA), spending $1200, equivalent to 7.1 $SOL, and purchased an astounding 190.2 million HULK tokens. Subsequently, they saw their investment skyrocket, resulting in a staggering $974.2K or approximately 5,760.7 $SOL returns. This single investment yielded them an impressive 810x gain and a profit of $973,000.

In the span of fifteen days, this crypto trader amassed a total earning of $1,690,000 from trading meme coins. Despite purchasing these tokens through various addresses, the trader consolidated the profits derived from 11,229 SOL into a singular account, identified by the address “4uh969…5sBV9i.” Furthermore, an amount of 3,070 SOL was moved to Kraken for potential conversion into fiat currency.

Lookonchain believes It Is an Insider Job

Based on their investigation, Lookonchain has labeled the recent occurrence as an “inside job” due to the tokens being purchased immediately following the launch of the liquidity pool by certain involved parties. Through meticulous analysis of transactions and various addresses, they have identified this behavior as consistent with insider practices. Insider activities are prevalent in finance, including the crypto market. These insiders leverage their access to non-public information and market excitement surrounding newly launched cryptocurrencies or employ manipulative tactics such as pump and dump schemes to generate profits.

Continue Reading Will Ethereum ETF Drive Prices Above $4K?

Read More

2024-06-24 11:39