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Crypto Trader Records $2.5M Profit With This Token, Here’s All

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1 month ago

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A crypto trader made a $2.5M profit today by turning 13 SOL into 9,718 SOL through trading 76.46M FATHA tokens. The trader bought the tokens on Pump.fun, capitalizing on a rapid increase in FATHA’s market cap, which surged to over $60M. The trader sold the tokens at the peak, realizing a 750x return.

Trader Makes $2.5M Profit Trading FATHA Token

The crypto trader turned 13 SOL (around $3.3K) into 9,718.5 SOL, making a $2.5M profit by trading 76.46M Slopfather (FATHA) tokens. On November 23, the trader purchased the tokens on Pump.fun, and within 40 minutes, FATHA’s market cap surged to over $60M. After holding the tokens, the trader sold them at the highest point, securing a 750x return.

The trader capitalized on the rapid market shift and seized the opportunity to make a significant profit. As per solscan, 9,500 SOL was swapped for USDC and bridged to Ethereum, demonstrating how quickly substantial profits can be made in the volatile meme coin market. The trade reflects the growing influence of meme coins on the Solana blockchain.

On-chain data indicates that the wallet involved in this trade may belong to BT (@cooksassistant), who has traded 60 tokens over the past three days. With a win rate of 42.37%, BT has generated $2.7M in total profit.

FATHA Token Surge and Solana’s Meme Coin Boom

Slopfather (FATHA) token has surged to $0.03841, with a market cap of $38 million, allowing the crypto trader to book a massive profit. Its 24-hour trading volume is $156 million, reflecting a 4000% increase in the last 24 hours. This dramatic rise shows the growing demand for meme coins in the crypto market.

Solana’s blockchain is becoming a top platform for meme coin launches. Projects like PNUT, WIF, GOAT, and BONK are leading the way. Additionally, Arthur Hayes’ endorsement of the Solana-based FLOWER coin boosted interest, driving the growth of meme coins on Solana.

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Coingape Staff

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Is Bitcoin Price Crash To $60K Imminent Before Donald Trump Inauguration?

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17 minutes ago

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December 27, 2024

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Bitcoin price continues to be under strong selling pressure after facing rejection at $100K on Christmas. While bulls are trying to defend the crucial support of $95,000, on-chain data and market analysts show that chances of a BTC price crash to $60,000 by Donald Trump’s inauguration on January 19, are much higher.

On-Chain Data Flashes Bitcoin Price Crash Signals

Following the rally to $100K levels, the Bitcoin selling pressure intensified pushing the BTC price all the way to $95,000 once again. On-chain data also shows weakness, as there is not enough ammunition for Bitcoin price to continue the rally.

Popular crypto analyst Ali Martinez stated that Bitcoin’s critical support zone now lies between $97,041 and $93,806. He also warned that if Bitcoin fails to hold this demand area, it could see a sharp decline to $70,085.

Source: Ali Charts

Exchange Reserve Surge Puts Pressure on Bitcoin Price

Another concerning matter has been the BTC exchange reserves, which have soared amid the Bitcoin price surge to its all-time high of $100K. Crypto analyst Ali Martinez reports that savvy investors seem to be preparing for a potential bearish scenario.

Over the past week, more than 33,000 Bitcoin, valued at over $3.23 billion, have been transferred to exchanges. This movement suggests heightened caution and possible selling pressure in the market.

Is Bitcoin Price Crash to $60,000 Imminent Before Donald Trump Inauguration?Is Bitcoin Price Crash to $60,000 Imminent Before Donald Trump Inauguration?
Source: Ali Charts

On the other hand, profit booking for BTC has also surged over the past week. On December 23, Bitcoin investors collectively realized over $7.17 billion in profits, highlighting significant market activity and profit-taking during the holiday period, reported Martinez.

Additionally, derivatives data shows that traders aren’t quite optimistic about Bitcoin in the near term. The percentage of traders holding long positions on Bitcoin ($BTC) on Binance has declined sharply, falling from 66.73% to 53.60%.

What Are The Chances Of BTC Reveral To Bullish Rally?

On Christmas day, Bitcoin price breached a crucial support level at $97,300, where 1.51 million wallets collectively purchased approximately 1.49 million BTC, according to analyst Ali Martinez. For bearish sentiment to be overturned, Bitcoin must reclaim this significant support zone and, more importantly, achieve a daily close above the $100,000 mark.

Martinez further added that if the Bitcoin bulls manage to sustain the $100K support, the BTC price can rally to $168,000 as per the Mayer Multiple.

Is Bitcoin Price Crash to $60,000 Imminent Before Donald Trump Inauguration?Is Bitcoin Price Crash to $60,000 Imminent Before Donald Trump Inauguration?
Source: Ali Charts

However, BTC price today was 2.2% down and exchanged hands at $96,038. Its market cap stood at $1.9 trillion, and the 24-hour trading volume has shot up 24% all the way to $46 billion. The 24-hour liquidation stands at $55 million with $44 million being in long liquidation.

Analysts Predict BTC Crash By Donald Trump Inauguration

Several crypto market analysts predict further downside for Bitcoin if it loses the crucial support of $95,000. Crypto analyst Tone Vays has expressed concern over Bitcoin ($BTC) trading below the critical $95,000 level. Vays warns that such a move is “very, very bad,” as it significantly raises the likelihood of a correction toward $73,000.

Veteran trader Peter Brandt has cautioned that Bitcoin price may be on the verge of breaking down from a “broadening triangle” pattern. If this occurs, Brandt suggests the price could experience a retracement toward the $70,000 zone.

Is Bitcoin Price Crash to $60,000 Imminent Before Donald Trump Inauguration?Is Bitcoin Price Crash to $60,000 Imminent Before Donald Trump Inauguration?
Source: Peter Brandt

On the other hand, Fundstrat remains optimistic, projecting that Bitcoin price could reach $250,000 by 2025. However, according to market expert Mark Newton, a pullback to $60,000 may occur before that surge.

Finally, Benjamin Cowen from IntoTheCryptoVerse, speculates that Bitcoin (BTC) may follow a similar price pattern to the Invesco QQQ Trust (QQQ). If this occurs, a flash crash to $60,000 could take place around the inauguration of Donald Trump.

As BTC faces chances of a crash, investors are turning bullish on altcoins. Crypto market analysts believe that the altcoin season isn’t over and that altcoins could see a strong recovery from now onwards. Although, many investors might seem to have given up the hope, the recovery in altcoins could be stronger.

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Bhushan Akolkar

Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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FTX Co-Founder Ryan Salame Sentence Reduced By 1 Year

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3 hours ago

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December 27, 2024

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FTX co-founder Ryan Salame has now received a reduced sentence from the earlier 7.5 year hail term pronounced earlier. The former executive of the bankrupt exchange is in jail for the role he played in Sam Bankman-Fried’s multi-billion dollar fraud scheme.

What Happened to Ryan Salame?

Salame received the 7.5 year term after he pled guilty to engaging in conspiracy bordering on unlicensed money-transmitting.

Initially, he was scheduled to start his sentence at Maryland’s medium-security Federal Correctional Institution in Cumberland on October 13, a Sunday. However, the court ruled that the date be moved to October 11 on request of the government .

According to a report from Business Insider, the Federal Bureau of Prisons reviewed Salame’s records recently and discovered that his expected release date is March 1, 2031.

This is a year short of the initially sentence that he received. The reason for this adjustment is not yet clear but one Bureau of Prisons spokesman noted that good behavior is a reason for incarcerated individuals to earn time off their sentence under the 2018 First Step Act.

The spokesperson also mentioned that “qualifying individuals will be eligible to earn up to 54 days of GCT time for each year of the sentence imposed by the court.” The GCT term in this case is Good Conduct Time.

The latest development on Salame’s sentence comes as FTX prepares for reorganization and its creditors’ repayments. As part of the plan, it has engaged the services of Kraken and BitGo for the funds’ disbursement.

Fate of Other FTX Executives and the Potential SBF Pardon

Ryan Salame is only one out of the couple of FTX executives that got caught up in the unfortunate implosion of the Bahamian-headquartered cryptocurrency exchange.

The mastermind behind the crash, Bankman-Fried, received a 25-year jail sentence in the first quarter of 2024. Recently, many have opined that U.S President Joe Biden may grant him an early pardon.

Alameda Research former CEO Caroline Ellison is also serving a 2-year penance at a low-security federal prison in Connecticut.

Unlike her, former FTX Chief Engineer Nishad Singh did not receive any jail time for his role in the exchange’s collapse. Co-Executive Gary Wang also received leniency from Judge Lewis Kaplan for following his cooperation with prosecutors.

 

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Godfrey Benjamin

Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.

Follow him on X, Linkedin

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Top 5 Biggest Crypto Hacks of 2024

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6 hours ago

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December 27, 2024

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Despite the heightened advancements in blockchain technology and security protocols, 2024 recorded some of the industry’s biggest crypto hacks. 

An alarming surge in cybercrime overshadowed the industry. Hackers deployed sophisticated methods, exploiting vulnerabilities in private keys, smart contracts, and even unsuspecting employees.

By Q3 2024, TRM Labs, a blockchain intelligence firm, reported that over $2.2 billion was stolen in crypto hacks. This figure surpassed the $1.8 billion lost throughout 2023. 

Here are five of the biggest crypto hacks recorded this year;

1. The $308 Million DMM Bitcoin Crypto Hack

In May, DMM Bitcoin, a crypto exchange in Japan, suffered a serious hack as bad actors siphoned 4,500 BTC. At the time, the looted digital assets were valued at over $300 million. 

Even though experts could not pinpoint how the exploit happened, investigators stated that hackers connected to North Korea used stolen private keys from the exchange.

The hack not only crippled the exchange financially, it also left many users without access to their accounts. DMM Bitcoin’s parent company quickly stopped the exchange’s operations and moved user accounts to the rival platform SBI VC Trade. 

This incident damaged the company’s reputation, marking a reference point for other centralized exchanges worldwide.

2. PlayDapp Hacked Twice: $290 Million Gone

Hackers hit PlayDapp, a Decentralized Finance (DeFi) and gaming platform, twice in February. The bad actors targeted and exploited the platform’s key management vulnerability. They looted $290 million in PLA tokens, the platform’s native token. 

This attack was notorious because the hackers ignored a $1 million bounty offered to return the stolen money. 

PlayDapp’s efforts to track the stolen funds were unsuccessful, and the missing tokens are still unaccounted for. As a result, the platform’s operations took a hit, as it is struggling to win back the trust of its users.

3. The WazirX Exploit: $235 Million Stolen

In June, WazirX, one of India’s largest crypto exchanges suffered a hack, allegedly orchestrated by North Korean actors. A total of $235 million left its vaults, leading the exchange to suspend all withdrawals. 

Shortly after the attack, reportedly, WazirX sent $75 million of user funds to Bybit and KuCoin, further complicating the situation. 

WazirX’s parent company, Zettai Pte Ltd, also faced legal issues and asked for a break to sort out its finances. Recovery efforts are still on hold, with affected users still awaiting updates amid the recent Binance delisting of WRX, its native token.

4. Ripple Co-Founder Loses $112.5 Million in Hack

In January, Chris Larsen, a co-founder of Ripple, revealed that hackers got into his personal XRP accounts. He mentioned that the criminals stole 213 million XRP, worth $112.5 million at the time. 

While the crypto hack did not target Ripple, the firm’s executives remain a high target. At the time, ZachXBT, a blockchain investigator, found that the stolen assets were laundered through multiple exchanges. 

Despite Larsen’s efforts to recover the funds, the stolen crypto remains at largeelusive, raising concerns about personal safety in the crypto world.

5. Hackers Steal $80 Million From Orbit Chain

2024 started with a major crypto hack on the DeFi project Orbit Chain, a cross-chain bridge. 

Hackers exploited vulnerabilities to drain $80 million of Ethereum (ETH) and DAI.

The stolen funds were eventually routed through Tornado Cash, a coin mixer notorious for hiding illicit transactions. Orbit Chain’s team apologized shortly after the breach but has provided little information. 

This incident highlights the risks of cross-chain protocols and how hard it is to track stolen assets once they are hidden.

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Godfrey Benjamin

Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.

Follow him on X, Linkedin

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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