Insider Trading Scandal: Meme Coins Surge After Trump Assassination Attempt

Following the July 13 assassination attempt on Donald Trump, the cryptocurrency market saw a surge in meme coins like $FIGHT.

This sudden interest allowed some crypto insiders to turn an initial investment of around $5,000 into over $7 million, effectively outmaneuvering regular traders.

Lookonchain revealed this insider trading activity on the Ethereum network, showcasing the risks prevalent in the crypto market. The firm identified 24 wallets linked to insiders or developers based on their suspicious trading patterns.

These wallets collectively spent 1.5 ETH (about $4,864) to purchase 378.45 million $FIGHT tokens, representing 37.8% of the total supply, all before the token was publicly traded.

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By the time of Lookonchain’s report, these wallets had sold off 261.6 million $FIGHT tokens, holding onto 116.8 million, with an unrealized profit of $7.36 million based on the current token value.

This event highlights how crypto insiders often exploit market conditions and retail traders by launching meme coins and other questionable schemes, leveraging market hype and information asymmetry.

Alexander Stefanov

With over 8 years of experience in the cryptocurrency and blockchain industry, Alexander is a seasoned content creator and market analyst dedicated to making digital assets more accessible and understandable. He specializes in breaking down complex crypto trends, analyzing market movements, and producing insightful content aimed at educating both newcomers and seasoned investors. Alexander has built a reputation for delivering timely and accurate analysis, while keeping a close eye on regulatory developments, emerging technologies, and macroeconomic trends that shape the future of digital finance. His work is rooted in a passion for innovation and a firm belief that widespread education is key to accelerating global crypto adoption.