Crypto Trader Banks $7M Amid Launch Whirlwind, Bitcoin Miner Shares Nosedive & Ex-OpenSea Manager Appeals Verdict
Summary:
In the whirlwind events surrounding the debut of SatoshiVM (SAVM) token, a crypto trader amassed a profit of $6.77 million using a banana gun tool. In contrast, Bitcoin miner Hut 8 Corp. witnessed a 23% drop in its stock prices on the same day it marked the start of Nasdaq trading, amid allegations of a potential stock dump by company insiders. Moreover, a former OpenSea product manager, Nathaniel Chastain, has appealed against his conviction in an insider trading scandal.
In a spectacular feat during the introduction of the SatoshiVM (SAVM) token, a cryptocurrency enthusiast bagged profits amounting to $6.77 million. On the flipside, the value of shares belonging to a Bitcoin mining enterprise nosedived on the day it signaled the start of Nasdaq's trading. At the same time, allegations surfaced against the corporation. In the midst of this, an erstwhile OpenSea officer has contested his guilty verdict in an inside trading scandal.
Leveraging a tool known as banana gun, a cryptocurrency dealer garnered close to $7 million within a three-hour span of the SAVM token's debut. The trader purchased the soon-to-be-introduced token before its launch, and then sold it off as its price surged.
The price of the token plummeted by 99% within three hours of its public introduction. Its creators pointed the finger at a technical glitch that marred the v1 launch, for this downward spiral. To counteract the consequences of the error, the team elected to offload treasury to salvage the locked LP. Prior to launching v2, all v1 participants were compensated, and the financial burden was borne by the Banana Gun team.
Further, shares in Bitcoin mining company Hut 8 Corp took a hit, falling more than 23% on the day it initiated trading in Nasdaq, coinciding with reports suggesting an impending stock dump by insiders. The value of Hut's shares slid from $9.30 to a low of $7.10 in after-market hours. The downturn was sparked following JCapital Research's speculative report titled "The Coming HUT Pump and Dump", warning investors of the potential risks related to Hut's recent merger with US Bitcoin Corp (USBTC).
The merger deal, worth $725 million, has been questioned by JCapital Research, due to USBTC’s alleged historical record of legal issues and undivulged affiliations of the dominant share holders of the newly joined Bitcoin mining entity.
In another development, Nathaniel Chastain, previously employed as a product manager with NFT marketplace OpenSea, has challenged his conviction in an insider trading case. A court filing dated January 17 argues that the charges should be dismissed due to insufficiency of proof classifying nonfungible token information as property. The arguments state that not all exclusive information is property and must possess a commercial value for its owner.
Chastain has been found guilty of wire fraud and money laundering in May 2023. Later that year, he was handed down a three-month jail term along with a $50,000 fine after a jury determined that he used his managerial power at OpenSea to decide the NFTs to be showcased on the platform. Please note this piece of news is not constituted as a financial advice or recommendations. Every investment or trading action carries associated risks, and it's advised for the readers to carry out independent research prior to making any decisions.
Published At
1/19/2024 2:43:14 PM
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