Dogecoin hits 7-day high following XPayments creation, trader bribes way to $7M profit: Finance Redefined

SUPEREX 2024-01-27
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MailerLite revealed that hackers gained control of select Web3 email accounts, which eventually led to a widescale phishing attack across the crypto ecosystem.

Dogecoin hits 7-day high following XPayments creation, trader bribes way to $7M profit: Finance Redefined

Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you the most significant developments from the past week.

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

A crypto trader used a Banana Gun sniping tool to make a $6.77 million profit within three hours of the launch of the SatoshiVM (SAVM) token. The tool helped the trader acquire the token before the launch, which they later sold at an inflated price after the official launch. The trading bot has remained controversial since its release, with several cases of funds mysteriously vanishing post-sniping.

While a Banana Gun spokesperson told Cointelegraph that it is not an issue with the bot, some token contracts have functions where the contract deployer can move funds out of wallets. In one case, the tokens never moved to the buyer’s wallets due to a malicious contract.

Categories: Blockchain
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