🗣️⚠️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 prey to insider trading, losing a staggering $152,000 in just half an hour. The incident, reported by Lookonchain analysts, involved the Solana-based meme coin CoolCoin ($COOL).
The trader initially spent 1,600 $SOL to purchase 2.2 million $COOL tokens, but within 30 minutes, they were forced to sell them for a mere 532.58 $SOL, resulting in a significant loss of 1067.42 $SOL, equivalent to $152,000.
Prior to this incident, Lookonchain had detected suspicious activity on the network that appeared to be insider trading. They identified a trader who controlled the majority of CoolCoin tokens, having purchased 574.27 million $COOL for just 35.4 $SOL (approximately $5,000) and then distributing them across several addresses.
In a matter of an hour, the insider managed to sell 22.81 million $COOL from five different wallets, reaping an impressive profit of 11,896 $SOL, or approximately $1.69 million.