The latest on-chain data shows a massive profit earned by an insider. As per the data from Onchain Lens, the insider earned $9.99M in gains by trading the $LIBRA token on the 15th of February, sparking speculation about the likely outcomes. The on-chain analytics firm took to social media to disclose this incident.
Insider Uses Just $2.8M to Earn $9.99M in Profit via $LIBRA
The data from Onchain Lens reveals that the insider initially utilized $2.8M in $USDC for the acquisition of 13.73M $LIBRA tokens. In this respect, the insider spread the transfer across a couple of separate wallets. These wallets include “DmzEMt7XHwA1tZM5d1XBGvTFWoUpTLutpR5d8cMxNghs” and “8bZsrR5aRHDZYkWPLQoDFZUKsHCTeJ8uqhPnoMn7baG3.” The insider leveraged the respective wallets to pool the early funds as well as back the large-scale buyout of $LIBRA.
After the respective activity, the insider carried out a strategic transaction of the above-mentioned $LIBRA tokens across several diverse wallets. Such an operation is normally conducted to obscure the asset movement within the blockchain. Hence, the insider disappeared the tokens across different other wallets. They take into account 7aiM85NJnuCmW9raoUc7MZg4TZM5Wy7ShYSkykvJJwYn, 7Lb7KjLtQNTxjyt8wxup4KeyYBDeRxfvKvhxyEWVty6Y, and some others.
Subsequently, the insider offloaded the cumulative amount of the aforementioned $LIBRA tokens on different platforms. As a result of this, the insider got a cumulative $12.79M in $USDC. This permitted the insider to realize a staggering profit of up to $9.99M, getting attention of the wider crypto community.
Incident Triggers Questions about On-Chain Operations and Market Manipulation
According to Onchain Lens, this insider activity raises questions concerning the on-chain operations and the likelihood of market manipulation. Although the transfer was visible, the methods that the insider utilized to disseminate the assets were effective in avoiding detection. Such a high-volume trading operation highlights the ever-evolving crypto market, pointing toward insiders’ continuous endeavors to leverage the big DeFi transfers.
