A crypto trader made a profit of more than $1.68 million in 15 days trading, based on insider info in the Solana (SOL) ecosystem.

This trader invested 23 SOL, worth about $3,300, in two meme coins and sold them for 11,229 SOL, worth over $1.69 million.

Details of the transactions:

HULK

• Initial Investment: 7.1 SOL (approximately $1,200) were used to purchase 190.2 million HULK tokens.
• Profit: Held for 15 days and sold for 5,760.7 SOL (approximately $974,200), achieving 810x return.

GUNIT

• Initial Investment: 16 SOL (about $2,100) was spent to acquire 366.92 million GUNIT tokens.
• Profit: Sold after eight hours for 5,475/5 SOL (about $719,800), resulting in a 343x return.

The trader consolidated these gains into a wallet with address “4uh969” and transferred 3,070 SOL to an address in Kraken, presumably to convert them to fiat.

Risks and ethical concerns

This case highlighted the problems associated with insider trading and speculative investment in meme cryptocurrencies:

• Informational advantage: Insiders can use early or confidential information, creating an unfair market.
• Market manipulation: Quick profits point to manipulation of market dynamics and liquidity.

While insider trading profits are impressive, they highlight the potential risks and ethical issues within the crypto market. Investors should approach such opportunities with caution and focus on fundamentally sound investments.

Kosta Gushterov

Kosta has been working in the crypto industry for over 4 years. He strives to present different perspectives on a given topic and enjoys the sector for its transparency and dynamism. In his work, he focuses on balanced coverage of events and developments in the crypto space, providing information to his readers from a neutral perspective.