Win a million euros! He bought this coin and multiplied it by 490 times. It turns out that it was insider trading by the vice president of Sotheby's?

Mysterious trader earns big by buying BAN meme coin

A mysterious trader spent only $1,795 (about 10.2 $SOL) to purchase 36.27 million meme coin Comedian ($BAN), and in just two days, the capital was multiplied by 490 times, making a profit of over 1 million dollars.

However, after on-chain analysis by the analyst Lookonchain, the wallet is suspected to be related to Michael Bouhanna, vice president of the well-known auction house Sotheby's, and is believed to be involved in insider trading!

Lookonchain pointed out in a post on October 27th that the Wallet with an Address starting with 3wj7aj is an early investor of $BAN. During the first wave of $BAN's rise, they sold 12 million tokens and made a profit of $56,900.

Even if the price big dump by nearly 90% later, there was no panic dumping of the remaining Holdings, but instead patiently waiting for the next wave of bull market. In the subsequent bull market, the trader sold 6.13 million $BAN in batches, making a profit of $80,700. As of around 3:00 p.m. on October 27th, there are still $900,000 worth of $BAN in his Wallet.

Possible insider trading by the vice president of Sotheby's?

Lookonchain stated that Bouhanna publicly admitted to owning a WalletAddress that starts with "5W7U" (the tweet has been deleted), which is the issuer of $BAN. DexScreener data shows that $BAN's market capitalization once approached $100 million, but now only has $20 million remaining, and the price has dropped significantly in a big dump.

Image source: Michael Bouhanna, Vice President of Sotheby's Auction House, tweeted on Lookonchain.

After in-depth investigation, it was found that the source of funds for the Wallet is a Wallet whose Address starts with 'EwVB'. This Wallet traded more than 10 meme coins on the Pump.fun platform on October 22, but almost none of them were profitable.

Source: Lookonchain monitors wallet activities related to BAN meme coin.

Bouhanna once destroyed 37.36 million BAN Tokens to ease controversies

Under social pressure, although Bouhanna once destroyed the 37.36 million $BAN held in the Wallet, Lookonchain found that he is still trading with his other Wallet, and his total profit has exceeded 1 million dollars.

Lookonchain believes that the Wallet mentioned above with the Address starting with '3wj7' has its funds coming from the 'EwVB' Wallet, which has made astonishing profits through its operations.

Source: Lookonchain monitors wallet activities related to BAN meme coin.

If you are interested in this incident, you can refer to the relevant addresses provided by Lookonchain: Address one ($BAN issuer), Address two (internal Wallet one), Address three (earn million-dollar Wallet), to track the Wallet activity.

Traders should beware of insider trading risks in the world of cryptocurrencies.

"Encryption City" previously reported that on the Pump.fun platform on Solana's on-chain Block, anyone can quickly issue meme coins with very low thresholds. Although the transaction records on the on-chain Block are public, the anonymity of the encryption Wallet Address makes it difficult for investors to judge whether the seller is the development team or related parties.

There have been several recent controversial cases of celebrities' involvement in insider trading in the issuance of Cryptocurrencies. For example, Australian hip-hop singer Iggy Azalea's 'momcoin' ($MOTHER) and internet celebrity Andrew Tete's 'dadcoin' ($DADDY) have both been suspected of insider trading.

This type of meme coins issued by celebrities generally have the characteristics of low Liquidity and small volume, coupled with possible insider trading, investors should be especially vigilant about related risks.

Disclaimer: The market is risky, and investment should be cautious. The content of this article is for reference only. Investing in MemeCoin carries a great risk, and funds may be lost. Users should refer to more diverse indicators to determine whether to invest and consider whether any opinions, views, or conclusions in this article are applicable to their specific situation. Investment based on this is at your own risk.