Crypto Trader Earns $6.77 Million Profit in Three Hours Using Controversial Sniping Tool
Summary:
A cryptocurrency trader reportedly earned nearly $7 million within just three hours of the SatoshiVM token launch. Utilizing a Banana Gun trading bot to purchase the token before its official release and selling it off as its price rose, the trader managed to net $6.77 million in profit. However, the Banana Gun bot has been embroiled in controversy since its inception, with accusations about mysterious fund disappearances and massive price dip just hours post-launch. The trader still holds an estimated $3 million worth of tokens, leading to mixed reactions from the crypto community.
In the world of cryptocurrency, a trader has recently generated profits amounting to $6.77 million within a mere three hours, following the launch of the SatoshiVM token. This remarkable feat was achieved using a Banana Gun sniping tool to purchase the token even before its official launch and subsequently selling it at a higher price the moment it debuted, managing to reap almost $7 million profits.
The trader had initially procured 2.61 million SAVM tokens at a cost of 277.66 Ethereum (ETH), equivalent to $681,000, using the Banana Gun trading bot. The bot, which debuted in September of last year, allows users to rapidly trade cryptocurrencies and get a head start on pre-sale tokens. Two trading modes are available to users: "Manual Trade" with a fee of 0.5% or the "Automatic Sniper" option which carries a levy of 0.75%.
However, the bot has been mired in controversies since its launch. The token's price dipped by 99% within three hours of its launch, for which the developers blamed a software bug. This, coupled with instances of mysteriously disappearing funds after sniping, have kept the bot under scrutiny.
Our trader made use of the beta tool's "Sniping" option, paying 141.66 ETH for the privilege to be the first to buy when the SAVM went live, and secured over 2.5 million tokens.
Later, the trader sold 2.16 million tokens for a jaw-dropping $4.38 million, retaining 450,000 SAVM tokens, valued at $3 million, spread across four wallets. The sales fetched him a profit exceeding $7 million and a net gain of $6.77 million to be exact.
Reactions in the crypto community to this development have been mixed, with many praising the trader's daring move of paying 141 ETH in sniping fees and labeling him as a "legend". Some, however, pondered whether the trader might be an insider or developer, further fuelling speculation within the community.
Published At
1/19/2024 10:29:43 AM
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