Claims of “insider trading” have emerged for an altcoin project that has recently experienced a huge surge. According to on-chain data, four wallets purchased a large amount of Stargate (STG). He then sold off his holdings after the coin surged 45 percent. Here are the details…
Suspicious transactions for this altcoin attracted attention
According to Lookonchain, four wallets bought Stargate Finance (STG) tokens and sold all of their holdings shortly thereafter, before recording a 45 percent increase on January 22. In total, investors spent $131,462 purchasing 266,200 STG tokens and sold them all for $181,416, making a total profit of $49,954.
First of all, the address “0x6127” spent 20,000 USD Coin (USDC) to purchase 40,498 STG on January 22 at 05:40 Turkey time. About eight hours later, the address sold all of its STG holdings for 27,596 USDC, making a profit of 7,596 USDC according to Lookonchain. The second address, denz.eth, traded 20,000 USDC for 40,269 STG tokens on January 22. The wallet sold all purchased STGs for 28,039 USDC after five hours. Thus, 8,039 USDC earned from the transactions in question.
The third address, “0x27ae”, spent a total of 41,462 USDC to purchase 84,322 STG tokens on January 22 at 05:25 CEST. Then, six hours later, it sold them all for 58,194 USDC. Thus, he kept 16,732 USDC to himself. The fourth address, “0xcfea”, spent 50,000 USDC to purchase 101,111 STG on January 22 at 05:40. Like the other three, this address sold all STG tokens for 67,587 USDC in about eight hours, making a profit of 17,587 USDC.
Claims of “Insider trading”
Due to the parallel nature of the four separate wallet transactions, Lookonchain suggested that these transactions could indicate “insider trading”. cryptocoin.com As we have also reported, insider trading refers to the practice of buying or selling assets while possessing important information that is not yet available to the public. Material information refers to any information that can have a material impact on an investor’s decision to buy or sell a security.
By non-public information it is meant that the information is not legally available to the public and is directly related to information held by only a handful of people. An example of this would be a corporate executive or government employee who had access to an economic report before it was made public and invested in line with the disclosures in the report. In the case of crypto money, learning about a development that will cause the coin to rise and buying a coin is an example of this development. Yesterday, the STG token surged by 45% from $0.4840 to as high as $0.7031. The token was trading at around $0.63 at the time of writing.
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