Crypto Traders Flips $4.5K Into $666K OvernightBut Was It Insider Trading?
The token, now under scrutiny, surged in popularity after being subtly endorsed by Coinbase L2 builder Jesse, sparking a wave of interestand accusations.
According to blockchain tracker Lookonchain, three wallets managed to load up on the token before it was publicly hyped, raising serious insider trading concerns:
- Wallet 0x0992 spent $2,370 worth of ETH to buy 256.39 million tokens, later cashing out for $168K.
- Wallet 0x5D9D invested $1,577 ETH into 82.86 million tokens, flipping it for a modest $266K.
- Wallet 0xBD31 made the boldest bet, buying 131.92 million tokens for $1,577 ETH and walking away with $231.8K.
In total, the trio turned their small investments into over half a million dollars in profitall within hours of the tokens launch.
But the timing has crypto Twitter buzzing. The purchases happened before the token gained traction online, leading many to believe these traders had advance knowledgeperhaps even a tip-off.
This doesnt look like luck, one user commented on X. It smells like a setup.
While the hype around Base is for everyone continues to build, the incident underscores the growing concerns around fairness and transparency in cryptos Wild West token launches.
As traders pile in chasing life-changing returns, analysts warn that such profits are rareand often too good to be true.
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Text source: Coindoo
