In a significant turning of events in crypto trading, suspected insiders associated with Focai.fun have recently gained huge profits. As per Lookonchain, the suspected insiders have earned up to a $20M profit by trading $Focai, raising questions about the fairness and transparency of the crypto trading.
The event has gained the attention of the crypto community. Additionally, the event also highlights the significant potential of the $Focai crypto token. Along with that, it also points toward the volatile nature of the crypto sector.
15 Suspected Insider Traders Take Away $20M in $FOCAI Trading
Lookonchain mentioned that 15 suspected insiders spent up to 67.16 $SOL tokens to invest in $FOCAI, gaining $20M in return. The collective expenditure of $14,600 in $SOL focused on the acquisition of 605M $Focai tokens. The respective buyout denotes a massive 60.5% of the cumulative supply of the token. The suspected insiders carried out the trade through Pump.fun which is a reputable platform for crypto trading activities.
At present, $FOCAI is changing hands at $0.000912. This price level indicates a 59.71% decline over the past twenty-four hours. During the whole day, it has seen a price high of $0.01915. Nevertheless, its 24-hour low price is nearly $0.00002981. In addition to this, the crypto token’s 24-hour volume stands at 127.19K $USDT. Overall, $Focai has witnessed $127,197 in inflow in the meantime on 360 transfer addresses.
Incident Sparks Concerns Over Crypto Fairness
In the latest incident of suspected insider trading, insiders conducted strategic offloading of their holdings for up to 94,175 $SOL, accounting for $20.5M. According to Lookonchain, this led to a remarkable 94,108 $SOL in net profit, equaling $20.48M.
Nonetheless, as the respective trades are suspected of emerging from insider trading, they have triggered concerns about the transparency as well as fairness within the cryptocurrency trading. Hence, the crypto community is witnessing several speculations about this event.
