Date: Sat, August 10, 2024, 06:38 AM GMT
In the fast-paced world of cryptocurrency, celebrity-themed tokens continue to make waves. Investors have recently experienced both gains and losses with the newly launched coin, Restore The Republic (RTR). The token, which was surrounded by rumors of ties to the Trump family, became the latest focus of controversy.
On August 10, well-known on-chain detective ZachXBT took to social media to expose potential insider trading involving RTR. According to ZachXBT, four specific wallet addresses raked in a combined profit of $3.8 million during RTR’s brief but intense pump-and-dump cycle. Two of these addresses, starting with 9G1ELG and GHoW2, are suspected to be controlled by the same individual. Interestingly, both received 500 SOL in new funds mere minutes after RTR’s Token Generation Event (TGE).
These four wallets which profited $3.8M need to be addressed.
— ZachXBT (@zachxbt) August 10, 2024
Coinbase freshly funded
9G1ELGVGDe7GNATD77CkymxY3Q5CW1UTwncUrmVHj1we
GHoW2VUzDNz6khsCWdJbLoNc2GpwVMwb4p7v232gFBET
Both of these are clearly the same person as they were freshly funded with 500 SOL within minutes of…
The drama began on the evening of August 8, when RTR held its TGE. Excitement in the community was high, fueled by speculation that the token was connected to a new project by the Trump family. The token’s price skyrocketed to $0.156 by midnight on August 9, only to take a sharp turn when Eric Trump, the second son of former President Donald Trump and executive vice president of the Trump Organization, issued a cautionary message on social media. He warned people to “be careful of fake tokens” and clarified that the only official Trump project had not yet been announced, promising to share any news on Twitter.
Friends: Beware of fake tokens! The only official Trump project has NOT been announced! You will hear it here first. https://t.co/33wfKyaMVB
— Eric Trump (@EricTrump) August 8, 2024
Following Eric Trump’s statement, RTR’s price plummeted by around 95%, and the token saw a trading volume of $164 million within just 15 hours of its launch.
ZachXBT’s findings have further ignited debates within the crypto community about the need for greater transparency and regulation to prevent such incidents. As always, the volatile nature of the crypto market serves as a reminder for investors to approach new tokens with caution.
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