Egypt Cat ($SPHYNX) Launch Marred by Insider Manipulation!
In a highly controversial move, an insider orchestrated a massive buy-in using 10 newly created wallets, securing 496.2M $SPHYNX, which is 49.62% of the total supply, within seconds of the token launch.
Key Details:
Wallet Creation: 10 new wallets were set up just 1 hour before the token's launch.
Funding: These wallets were funded by withdrawing $SOL from Binance.
Purchase: The insider spent 3,890 $SOL ($670K) to buy 496.2M $SPHYNX immediately as trading opened.
Distribution: The insider then dispersed the 496.2M $SPHYNX across nearly 300 wallets, potentially to mask their activities and distribute control.
Wallets Involved:
5RK194ueFY4aonGmhdN3eijAUvEjaoYQFk5vTVM9s5W6
4hGL2GUgced4pTtFhdkNDngK3DzZx536WRsFGusY9RB6
7LZn2HAi7rEv1dMU83hMaTEZG62wv7FhvWRaRbm5j6T5
G9XEhzYaPjSNDPTTiTxeP2c396Jbw5yEENSbq9mkYjK6
CeaVHXxqEDWmoVhMbZzDNV4T2kkYB8YcvNacgZaKFwpy
5Dk6yJ6bSJyce2hoMUQYSN32c4QbidoQEA6hXiRbTjK6
FPdgXJe8Zc6FyQMc2Lh5rBm5xdAvitisrfwHtAKikbH2
7tEgMSewjRnA5WvwMxYFZfpd5tWPkX8TPVHyRJc14Xzy
CqqiStteUAkMoXUDUMAjxaX6GdwuJk2op4XNPVbYFAno
EHgmi47zMzxgEdwkzZeuQii4VqfHbAdhTPcg3FDFhBDy
Implications:
This significant control over the token supply by a single entity raises concerns about market manipulation and the fairness of the $SPHYNX launch, leaving many questioning the legitimacy and future stability of the token.