Insider Gains $2.5 Million from Minette Token in Less Than a Day

An unknown user engaged in an insider deal, securing $2.5 million in unrealized profits from the new Minette token after investing 2.89 SOL ($445). Analysts at Lookonchain highlighted this event.

Starting at 3.89 $SOL($600), the insider turned it to 999 $SOL($153.56K) in just 15 hours and has $2.5M in unrealized profits.

He withdrew 3.89 $SOL($600) from #Binance and spent 2.89 $SOL($445) to buy 2.46B #Minette at the same block where the developer added liquidity.

Then… pic.twitter.com/daxXb6h59P

— Lookonchain (@lookonchain) May 10, 2024

The trader withdrew 3.89 SOL ($600) from Binance and spent 2.89 SOL ($445) to purchase 2.46 billion Minette in the same block where the developer added liquidity.

Fifteen hours later, he sold 1.04 billion Minette for 998.7 SOL ($153,560), leaving a balance of 1.42 billion Minette valued at $2.5 million.

Analysts pointed to the risk of a rug pull, as the Minette developer, known as VibeCat, did not burn tokens from the liquidity pool. Additionally, insider dumping of tokens on the market continues.

Earlier, ForkLog reported that a trader lost $152,000 in half an hour due to insider trading.