Insider Trading Scandal: Meme Coins Surge After Trump Assassination Attempt
18.07.2024 10:30 1 min. read Alexander Stefanov
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.
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.
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