Crypto trader loses big!

$1M investment falls to $9,000 in an hour.

Author

Daniel Akpobare
August 30, 2024

GM Explorer,

A flashy new token can quickly become a costly scam, as was the case with a trader’s $1M bet on the MBAPPE meme coin.

Here’s what we got for you today:

  • 🤯 Crypto trader loses big!

  • 💡Another old Wallet reawakens!

  • 🧱 Around The Block: Could Bitcoin hit $350k & Michael Saylor turns out to be a genius?

🤯 Crypto trader Loses Big!

Imagine seeing your $1 million investment plummet to just $9,000 within an hour right before your eyes.

That’s the jaw-dropping reality that hit a crypto trader like a ton of bricks yesterday!

According to data from Lookonchain, the trader created a new wallet and spent a whopping 7,156 $SOL($1.03M) in a single transaction to snag a #MEMEcoin named $MBAPPE.

But things turned sour when the meme coin's value nosedived, leaving the trader with a measly $9,200.

So, what went wrong?

Apparently, soccer star Kylian Mbappé's X account was hacked to promote the MBAPPE token.

A post promised to "double" any tokens sent to a specific address, which triggered the market cap of the MBAPPE token to surge to $460 million before crashing to less than $100,000.

The scam endorsement has been deleted from X, but sadly, that trader is one of many victims.

However, some savvier Mbapppe coin traders raked in serious profits!

One trader, for example, turned a $29 investment into $125,000 in just three minutes by trading the MBAPPE coin.

The takeaway here is crystal clear: Thorough research is an absolute must before investing in newly created tokens, especially when it comes to meme coins.

💡Another Old Wallet Reawakens!

An ancient wallet that had been dormant for over 13.5 years suddenly sprang to life and moved a whopping 64.59 BTC!

But here's the crazy part—when this wallet first received Bitcoin in February 2011, the entire stash was worth a mere $64.46.

Fast-forward to today, and that amount is now worth a staggering $4.142 million. That’s a mind-blowing increase of over 6,426,000%.

Oh, get this - this wallet wasn't just idle all these years.

It had received tiny amounts of Bitcoin a few times; however, those transactions appear to result from "dusting attacks" by hackers trying to break the wallet holder's privacy.

But guess what? This wallet wasn't the only long-dormant address to wake up recently!

Two other wallets, each holding 25 BTC, also made moves after lying low for 11 and 11.5 years, respectively.

And let me tell you, the value of those coins was just as mind-blowing, too!

The big question on everyone's mind is: Who's behind these ancient wallets? No one can say for sure, but speculations are running wild.

Some say it could be Satoshi Nakamoto, Bitcoin's mysterious creator.

Satoshi is estimated to have mined around 1 million BTC, starting with the first 50 BTC reward for the genesis block in January 2009; however, their involvement with the project ended in mid-2011, with their last known public sighting in December 2010.

Others speculate that those folks might have stumbled upon their lost hard drive or that some hackers might have found a way to crack some encryptions.

It's crazy to see these old wallets waking up, and we wonder if there's more to come.🤔

Maybe there are still some clever long-time holders who might make a move in the future!

What do you say, folks? Is it time we begin to consider putting our wallets to sleep?

Because I don’t know about you, but I don’t think I’ll be able to get my mind off that mind-blowing profit for the rest of the weekend.

Check out the full details here!

🧱 Around The Block

That's all we've got for you today.

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Catch you soon.

DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell assets or make financial decisions.

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