Trader "Sniper" Nets $109M from TRUMP Token Launch, Insider Trading Fears Emerge

A trader using the pseudonym Naseem, also known as "Sniper," has reportedly profited $109 million from trading the TRUMP token, raising concerns about potential insider trading. According to a joint investigation by the blockchain data platform Bubblemaps and YouTuber Coffeezilla, Naseem bought the token with $1.09 million in the first second of its launch and paid a $84,000 front-running fee. The funds were then dispersed to at least 9 wallets.

Bubblemaps pointed out that although they could not fully confirm insider trading, the high correlation among multiple on-chain addresses is "undeniable." Naseem denied receiving insider information, claiming that their team speculated on the launch time by observing the interaction of the Meteora liquidity pool.

The investigation highlights the potential risks and concerns surrounding insider trading in the cryptocurrency market. As the market continues to grow and evolve, it is crucial to maintain transparency and accountability to protect investors and maintain trust in the system.

The TRUMP token, launched by former US President Donald Trump, has been the subject of controversy and scrutiny since its inception. The token's value has fluctuated significantly, and its future remains uncertain. As the market continues to grapple with the implications of the investigation, investors and regulators alike will be watching closely to see how the situation unfolds.