A shocking incident revealed by blockchain analysis platform Lookonchain shows insider leaks and millions of dollars in losses on the meme coin CoolCoin (COOL). This situation once again reveals how risky meme coin investments can be.
Disturbing news for a new meme coin
Shocking news from the blockchain analysis platform Lookonchain revealed that there was an insider leak and millions of dollars in losses in the meme coin called CoolCoin (COOL). According to data shared by Lookonchain, a person with presumed insider knowledge made millions of dollars by purchasing a large amount of coins before there was a huge increase in the price of COOL. This person bought 574.27 million COOL from the MEXC exchange at night for 35.4 Solana (about 5 thousand dollars) and then started to distribute these coins to various wallets. The anonymous investor sold 22.81 million COOL for 11,896 Solana (approximately $1.69 million) through five wallets.
This situation alarmed investors. One meme coin investor bought COOL, ignoring warnings from Lookonchain, and lost more than $150,000 in minutes. The investor purchased COOL for 1,600 Solana, but was later able to sell these coins for only 532.58 Solana, losing 1,067.42 Solana (about $150 thousand) in less than 30 minutes.
No statement was made about the allegations.
No statement was made by the CoolCoin team regarding these claims. The Lookonchain team warned investors to be careful about COOL’s future price movements and to be wary of possible sales transactions. This incident once again reveals how risky meme coin investments can be. It is important for investors to conduct detailed research and consider the risks before investing in such projects. This may negatively affect CoolCoin’s price and investors’ confidence.
It is expected that the authorities will launch an investigation into the incident and impose the necessary sanctions. It is important for investors to conduct detailed research and consider the risks before investing in such projects. It is important to remember that the prices of meme coins can be quite volatile and lead to large losses. Such projects may be more vulnerable to fraud. It is important not to invest more than you can afford to lose.
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