At the launch of the SatoshiVM token, traders bribed about $7M profit
A crypto trader made a profit of $6.77 million within three hours of the launch of the SatoshiVM (SAVM) token. The trader first used a banana gun launcher to acquire the launch token and then sold the newly launched token as the price increased, making a profit of nearly $7 million.
The trader first bought 2.61 million SAVM at a price of 277.66 Ether (ETH) for $681,000 using the Banana Gun trading bot. Banana Gun – launched in September 2023 – allows users to dump presale tokens and trade crypto quickly. A trader can choose between “Manual Trade” and “Automatic Sniper”, the fee for manual transactions is 0.5%, while the automatic sniper feature charges a fee of 0.75%.
The price of the token reached 99% within three hours of its launch. The developers blamed a bug for the failure. The trading bot has been controversial since its inception, with many undisclosed amounts of money lost after its snooping.
The trader in question used the sniping method and paid 141.66 ETH to be the first to buy SAVM at the opening and managed to get hold of more than 2.5 million tokens.
The user later sold 2.16 million tokens for $4.38 million and currently holds 450,000 SAVM tokens, worth an estimated $3 million, a profit of approximately $6.77 million.
Related: Telegram Trading Bots Are Hot, But Don't Trust Them For Security – Security Firms
The businessman has been praised by many for his life-changing money using the banana gun tool on X (formerly Twitter). Some call it a legend, while others praise the willingness to pay 141 ETH.
Jesus Christ does not care about payment
— smurfck (@smurfck01) January 19, 2024
A few members of the crypto community speculated that the trader behind the trade was an insider or developer.
