Trader bribes way to $7M profit on SatoshiVM token launch

The trader used a popular sniping trading bot called Banana Gun to be the first to buy the newly launched SatoshiVM tokens.

A crypto trader made $6.77 million in profit within three hours of the launch of the SatoshiVM (SAVM) token. The trader used a banana gun sniping tool to acquire the to-be-launched token first and then sold the newly launched token as the price increased, raking in nearly $7 million in profits.

The trader first bought 2.61 million SAVM for 277.66 Ether (ETH) worth $681,000 using the banana gun trading bot. Banana Gun — which launched in September 2023 — allows users to snipe presale tokens and trade crypto quickly. A trader can choose between “Manual Trade” and “Automatic Sniper,” where the fee for manual trades is 0.5%, while the automatic sniper feature charges a fee of 0.75%.

The token’s price tanked 99% within three hours of the launch. The developers blamed a bug for the collapse. The trading bot has remained controversial ever since it launched, with several cases of mysterious vanishing funds post-sniping.

The trader in question used the sniping method and paid 141.66 ETH to be the first one to buy SAVM at the opening and managed to grab over 2.5 million tokens.

The user later sold 2.16 million tokens for $4.38 million and currently holds 450,000 SAVM tokens, estimated to be worth $3 million, amounting to roughly $6.77 million in profits.

Related: Telegram trading bots are hot, but don’t trust them for custody — Security firms

The trader was lauded by many on X (formerly Twitter) for the life-changing money he made using the banana gun tool. A few called him a legend, while others praised his willingness to pay 141 ETH in sniping fees.

JESUS CHRIST , HE EVEN DONT CARE ABOUT FEE

— Starless (@smurfck01) January 19, 2024

A few crypto community members further speculated whether the trader behind the trade was an insider or a developer.