Bittime - The crypto industry is once again marred by allegations of manipulation by insiders. This time, token ($THUG) is in the spotlight after it was allegedly used by internal parties for personal gain.
Chronology of Alleged Manipulation
According to Lookonchain monitoring, there is suspicious activity involving insider Thug. The insider is alleged to have poured out around US$225,000 (equivalent to 1,500 SOL) through 4 different digital wallets. The funds were then used to instantly purchase 674 million Thug tokens in the same block where the developer added liquidity.
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After making a large purchase, the Thug tokens obtained by the insider were then distributed to various other wallets. Not long afterward, approximately 464 million Thug tokens were immediately sold into the market, resulting in a profit of 11,454 SOL (approximately US$1.72 million).
Remaining Tokens Have Been Destroyed
Of the total profits obtained, it is estimated that 9,954 SOL (around US$1.49 million) was pocketed by insiders in just 10 hours. Meanwhile, the remaining Thug tokens held by insiders, namely around 210 million, have been destroyed.
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Alleged Manipulation
The activities carried out by insiders are suspected to be a form of market manipulation. They leverage internal access to purchase large amounts of tokens at low prices as new liquidity is added. After that, they immediately sold the tokens in large quantities, causing price fluctuations that were detrimental to other investors.
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Be Aware of Suspicious Activity
Thug's alleged manipulation by insiders is an important lesson for crypto investors. Before investing in a token, do in-depth research on the development team, whitepaper, and project development plan.
If you see unusually large amounts of token buying or selling activity, especially around the time of launch or additional liquidity, you should be careful.
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How to Buy Crypto with Bittime
You can buy and sell crypto assets in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
To be able to buy crypto assets on Bittime , make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. Learn Complete Guide How to Buy Crypto on Bittime .
Monitor price chart movements of Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
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China's Attorney General's Crackdown on Blockchain Cybercrime
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DISCLAIMER : This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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