The crypto trading industry delivers various opportunities where some traders make heavy returns, some lose millions, and some become victims of scams and whatnot. Such a unique incident occurred a few hours ago, where a group of reports suggested crypto insiders made $20M from the newly launched FOCAI token. Crypto Insiders Made $20M After Acquiring Massive Supply of FOCAI Token Lookonchain, a popular analytics platform, revealed crypto insiders’ shocking activity, where 15 blockchain wallets made $20M within hours of token launch. This happened as the report suggested insiders invested 67.16 SOL, equivalent to $14,600, to acquire around 60.5% of the FOCAI’s total supply. More importantly, they acquired this massive amount of total supply right before launch, buying 605M FOCAI for just $14,600. However, the same token became worth 94,175 SOL, equivalent to $20.5M, after the FOCAI price grew multiple-folds. With this practice, the possible crypto insiders have netted a profit of $20.48M, simultaneously leaving the crypto community in shock and anger. This is because such crypto trading activities affect the token’s performance, where massive selling could crash the token. Interestingly, out of these 15 crypto wallets, one wallet with the address “9DtTb” turned his $1.1k into $3.47M within three hours, making a 2,973x return on his initial investment. However, this mass selling led to the FOCAI price fluctuation, where its market cap hit the prime of $50M but dropped after that. FOCAI Token Price Rose 82,000% Within A Day FOCAI has instantly gained investors’ attention, as it achieved a market cap of $50M within 11 minutes of the launch. This happened as the token’s trading volume surged to $48.2 million. However, Lookonchain’s reported insider trading revelation has dropped the demand. With that, the FOCAI price has moved significantly away from the prime, currently trading at $0.0376 with a market capitalization of $34M per pump.fun market. Despite the drop, the FOCAI token has still maintained an 82,000% surge within 24 hours, indicating investor interest in this newly launched Solana meme coin . Interestingly, few crypto analysts, including oleG, have warned crypto trading investors about this crypto project due to several hidden red flags, like lacking blockchain features or decentralized functionality, cat-fishing in the market with AI and blockchain terms, and much more. An insider on $FOCAI has turned $1,168 into $3.47M in just 3 hours. The insider bought 123.32M $FOCAI for 5.39 $SOL ($1,168) on #PumpFun . The insider then sold the entire $FOCAI for 16,070 $SOL worth $3.47M. The insider made a x2973 profit. Address:… pic.twitter.com/V1X95myM7C — Onchain Lens (@OnchainLens) January 4, 2025 What’s The Lesson Here? FOCAI insider traders’ activity has shocked the crypto community, where only 15 wallets controlled more than 60% of the FOCAI token total supply. This happened as these reports suggested crypto insiders acquired a massive token supply right before its launch. More importantly, they sold these moments after launch, grabbing $20M in profits. Although the FOCAI price has not been impacted much, analysts rolled out significant scam warnings about this project. Investors should conduct proper research and plan crypto trading activities to avoid scamming projects. One mistake made this crypto trader lose $1.2M within 12 hours as he made the wrong judgment. The post FOCAI Token: How ‘Crypto Insiders’ Cashed in on $20M in Profit? appeared first on CoinGape .
