The post Insider traders make $20M from Focai.fun launch on Solana appeared on BitcoinEthereumNews.com.

Lookonchain uncovered what appears to be a significant case of insider trading involving the cryptocurrency FOCAI on the Solana blockchain. According to a post made in the early hours of today, insiders associated with the token have reportedly made profits amounting to $20 million. The investigation by Lookonchain revealed that 15 suspected insider wallets collectively spent 67.16 SOL, equivalent to approximately $14.6K at the time, to purchase 605 million FOCAI tokens, which constituted 60.5% of the token’s total supply.  These transactions were executed on Raydium, a decentralized exchange on the Solana network. The insiders then sold all their holdings for 94,175 SOL, which, at the time of sale, was valued at around $20.5 million. This netted them a profit of 94,108 SOL, or roughly $20.48 million. Inside traders used other wallets for ‘market making’  In a follow-up tweet, Lookonchain provided a correction to its initial findings, stating that it was confirmed the team behind FOCAI used other insider wallets to acquire the token supply, further implicating the project’s team in the orchestration of the trade. Correction:Yes, it appears the team used other insider wallets to acquire the supply.https://t.co/rw0wUi2nWG — Lookonchain (@lookonchain) January 4, 2025 The revelation has sparked a significant reaction within the cryptocurrency community on X, with users expressing shock and dismay at the scale of the profits made through what appears to be privileged information. According to Coingecko Terminal market data, the AI cryptocurrency made a strong debut, quickly surging in value after going online. Within just 11 minutes, the project reached a market capitalization of over $50 million. Trading volume also spiked, reaching $48.2 million within the first 47 minutes of its launch. FOCAI 24-hour price chart. Source: TradingView After insider trading activity ensued, the price dropped to $0.327, with a market cap of $32.7 million.  Analysts…

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Filed under: News - @ January 4, 2025 12:13 pm