Insider Trading at Stargate Finance?

Insider Trading at Stargate Finance?

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Jonathan
Jonathan

An editor at Coincrop


23 Jan 2023 | 3 min read
6,318 views

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n the wake of a 45% price hike, suspicion of insider trading abounds as on-chain data has unearthed four wallets that acquired 266,200 STG just prior to the surge and earned $49,954 in profit.

On January 22nd, four wallets bought STG tokens from Stargate Finance - right before the asset jumped 45%! Soon after that successful purchase, these wallets sold all of their holdings. As reported by Lookonchain. Altogether, the investors' total profits amounted to a whopping $49,954 after they bought 266,200 STG tokens for just $131,462 and sold them all for an impressive $181,416.

On January 22nd, 02:40 UTC the address "0x6127" executed a transaction to purchase 40,498 STG with 20,000 USD Coin (USDC), and within 8 hours sold all its acquired STG holdings for 27,596 USDC - making an impressive 7,596 USDC in profit as reported by Lookonchain.

On the 22nd of January, Denz.eth's second address exchanged 20k USDC for a total of 40269 STG tokens and sold them all five hours later for 28,039 USDC - earning 8,000 USD in profits from this transaction alone.

On Jan. 22, 02:25 UTC, the third address “0x27ae” spent an impressive sum of 41,462 USDC coins to purchase 84,322 STG tokens. Six hours later they were all sold for 58,194 USDC and a profit of 16,732 USDC was made.

On Jan. 22, 02:40 UTC the address "0xcfea" made a wise investment of 50,000 USDC to buy 101,111 STG tokens. Only eight short hours later this address sold all its STG for 67,587 USDC and walked away with an impressive profit of 17,587 USDC.

Lookonchain argued that the four separate wallet transactions running concurrently indicated potential “insider trader” involvement.


Jonathan

Jonathan

An editor at Coincrop
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Jonathan is a Coincrop staff writer based in the UK, covering the best rates for cryptocurrency earning and borrowing products. When not at work, he's likely sailing.


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