🗣️⚠️ A Meme Coin Trader Loses $152,000 in Just 30 Minutes Due to Insider Trading
In a cautionary tale for meme coin traders, an unfortunate investor fell victim to insider trading, losing a staggering $152,000 in just half an hour. The incident, reported by Lookonchain analysts, involved the Solana-based CoolCoin ($COOL).
The trader initially spent 1,600 $SOL to buy 2.2 million $COOL tokens, but within 30 minutes, was forced to sell them for just 532.58 $SOL, resulting in a significant loss of 1,067.42 $SOL, equivalent to $152,000.
Before this incident, Lookonchain had detected suspicious network activity that appeared to be insider trading. They identified a trader who controlled most of the CoolCoin tokens, having purchased 574.27 million $COOL for just 35.4 $SOL (approximately $5,000) and then distributing them across multiple addresses.
Within an hour, the insider managed to sell 22.81 million $COOL from five different wallets, reaping an impressive profit of 11,896 $SOL, roughly $1.69 million.