A new case is making a big buzz in the crypto world.

A new case is making a big buzz in the crypto world. A small group of traders reportedly made nearly $99.6 million in profits in just 12 hours on Thursday. All the details in the following paragraphs!

According to a Financial Times investigation, 24 crypto wallets bought $2.6 million worth of $MELANIA just minutes spanned over 2 minutes and 21 seconds before the official announcement on X. One of the wallets even made a profit of $2.5 million by reselling 86% of its tokens two hours later.

This type of trading raises the issue of possible insider trading in an as yet lightly regulated environment. As the investigation explains, the first purchase order was placed 2 minutes and 21 seconds before the announcement was published. At the same time, the MELANIA token peaked at $5.50 before collapsing 96% in the following days.

Unlike the TRUMP memecoin (which remains relatively stable), $MELANIA saw its value drop drastically. Derived from the Solana blockchain, this crypto asset has no concrete utility (except for the fame of Melania Trump!). It illustrates a current trend where crypto-assets with strong media impact attract investors eager for quick gains.

This case highlights the regulatory ambiguity surrounding cryptocurrencies, particularly memecoins. Certainly, transactions are traceable via the crypto blockchain. That said, the real identity of wallet holders remains difficult to establish.

The rapidly growing crypto sector here shows its flaws:

In any case, this MELANIA case is a warning signal for investors. It indeed reaffirms that the crypto universe remains vulnerable to dubious practices. Vigilance is more necessary than ever!

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