Crypto insiders reportedly used 15 wallets to turn $14K into $20M by acquiring 60.5% of the FOCAI token supply before its launch.
The crypto trading industry offers a variety of opportunities, including the potential for substantial returns, the possibility of losing millions, and the possibility of falling victim to schemes and other forms of fraud.
A few hours ago, a series of reports indicated that crypto insiders had earned $20M from the recently launched FOCAI token. This was a highly unusual occurrence.
After Acquiring Substantial Quantity Of FOCAI Tokens, Crypto Insiders Generated $20M
The shocking activity of crypto insiders was revealed by Lookonchain, a prominent analytics platform.
Within hours of the token launch, 15 blockchain wallets generated $20M in revenue.
This occurred as the report indicated that insiders invested 67.16 SOL, which is equivalent to $14,600, to acquire approximately 60.5% of the FOCAI’s total supply.
More importantly, they obtained this substantial total supply before launch, purchasing 605M FOCAI for a mere $14,600.
Nevertheless, the FOCAI price experienced a multifold increase, resulting in the token’s value increasing to 94,175 SOL, which is equivalent to $20.5M.
This practice has resulted in a profit of $20.48M for the potential crypto insiders, leaving the crypto community in a state of astonishment and anger.
This is because the performance of the token is influenced by these crypto trading activities, which the token could potentially crash due to significant selling.
It is intriguing that one of the 15 crypto wallets, with the address “9DtTb,” transformed his $1.1k into $3.47M within three hours, resulting in a 2,973x return on his initial investment.
Nevertheless, the FOCAI price fluctuated as a result of this mass selling, when its market valuation reached the peak of $50M but subsequently declined.
FOCAI Tokens Price Increased By 82,000% In One Day
FOCAI’s market capitalization of $50M was attained within 11 minutes of its launch, immediately capturing the attention of investors.
This occurred as the trading volume of the token increased to $48.2 million. Nevertheless, the demand has decreased as a result of the reported insider trading revelation by Lookonchain.
As a result, the FOCAI price has deviated substantially from the prime, currently trading at $0.0376 with a market capitalization of $34M per pump.fun market.
The FOCAI token has maintained an 82,000% surge within 24 hours, despite the decline, suggesting that investor interest in the newly launched Solana meme coin is still present.
It is intriguing that few crypto analysts, including oleG, have cautioned crypto trading investors about this crypto project.
This is due to the presence of numerous concealed red flags, such as the absence of blockchain features or decentralized functionality, the use of AI and blockchain terms to catfish in the market, and more.
An insider on $FOCAI has turned $1,168 into $3.47M in just 3 hours.
The insider bought 123.32M $FOCAI for 5.39 $SOL ($1,168) on #PumpFun.
The insider then sold the entire $FOCAI for 16,070 $SOL worth $3.47M.
The insider made a x2973 profit.
Address:… pic.twitter.com/V1X95myM7C
— Onchain Lens (@OnchainLens) January 4, 2025
Significance Of This?
The crypto community has been taken aback by the activities of FOCAI insider traders, as only 15 wallets were able to control over 60% of the total supply of FOCAI tokens.
This occurred because these reports indicated that crypto insiders had acquired a substantial token supply before the launch.
More importantly, they generated $20 million in profits by selling these moments immediately following their launch.
Even though the FOCAI price has not been significantly affected, analysts have issued substantial fraud warnings regarding this project.
To prevent fraudulent projects, investors should conduct a thorough investigation and organize their crypto trading activities.
Within 12 hours, this crypto trader lost $1.2M due to a single error in judgment.
