According to cryptocurrency onchain data, a wallet made 2973x profit on an altcoin in three hours through insider trading.
Insider traders are usually from the projects' own teams or circles, and they gain unfair profits by taking positions before the events.
According to the data, the crypto wallet in question invested just $1,168 in the altcoin FOCAI, turning its assets into $3.47 million in three hours. The wallet purchased 123 million FOCAI for a total of 5.39 SOL. It then sold its positions for 16,070 SOL, making a total profit of $3.47 million, corresponding to a 2,973x increase.
The wallet had purchased this altcoin via memecoin launch platform PumpFun and is most likely considered to be an insider.
The FOCAI altcoin has a market value of $36 million at the time of writing. It is necessary to be careful about other insiders in the altcoin, which is not listed on any centralized cryptocurrency exchange.
*This is not investment advice.
