Sotheby’s Insider Nets 490-Fold Profit on Meme Token BAN

A trader earned $871,600 in just two days on BAN, multiplying their deposit 490 times. Analysts at Lookonchain identified the individual as an insider who issued the meme token.

This guy turned $1,795 into $873K in just 2 days — a 490x return!

Everyone could learn from this trader’s selling strategy: instead of panic selling everything at once, he gradually sold portions after each surge to avoid missing the rally.

He initially spent 10.2 $SOL($1,795)… pic.twitter.com/bk9YjKfCmD

— Lookonchain (@lookonchain) October 27, 2024

According to experts, he acquired 36.27 million BAN for 10.2 SOL ($1,795).

During the initial price surge of the meme token, the user sold 12 million BAN for $56,900, after which the coin plummeted nearly 90%. However, the trader did not panic sell the remainder.

He waited for the price to rise again and sold another 6.13 million BAN for $80,700. The user’s wallet retained 18.13 million BAN worth $734,000.

“Everyone could learn from this trader’s strategy: instead of panic selling everything at once, he sold gradually and in portions after each surge to avoid missing the rally,” analysts noted.

Later, Lookonchain discovered that BAN was issued by Michael Bouhanna, Vice President and Head of Digital Art at Sotheby’s. Experts noted that he had unsuccessfully traded various meme tokens, prompting him to launch his own.

1/ Michael Bouhanna(@michaelbouhanna) bought many #MEMEcoins but made almost no money!

So he used his wallet «5W7U…b3cV» to launch a #MEMEcoin named $Ban and made more than $1M on $Ban with just one insider wallet!

??? pic.twitter.com/3D1Qq9DPVX

— Lookonchain (@lookonchain) October 27, 2024

Analysts accused Bouhanna of insider trading using a separate wallet. According to their data, the Sotheby’s executive successfully sold BAN during the rise and did not panic during the fall.

The auction house has yet to comment on the allegations against the employee.

Previously, an insider trader earned $5.6 million on DADDY, promoted by Andrew Tate. The former kickboxer launched the meme token as a competitor to the MOTHER coin by singer Iggy Azalea.

In June, some users made millions from the listing of WaterCoin (WATER) on the Jupiter and Raydium exchanges. Immediately after trading began, the meme token soared 83%, which brought $2.9 million to one trader.

Ethereum co-founder Vitalik Buterin criticized celebrity experiments with meme coins and urged a focus on projects that benefit the public rather than enriching insiders.