According to Mars Finance, citing data from Bubblemaps cited by CryptoFearless, a wallet incurred a $477,000 loss by engaging in insider trading before the official announcement of the New York City token NYC. After NYC's launch, its market capitalization surged to $600 million, but the team subsequently withdrew $2.5 million worth of USDC from the pool, causing the price to plummet by 70%. There was a 20-minute window for insider trading between the pool's deployment and the NYC token announcement. One wallet bought in 10 minutes before the announcement, briefly gaining $250,000 in unrealized profits, but due to holding the token for too long and panic selling, incurred a $477,000 loss.
A wallet incurred a loss of $477,000 by engaging in insider trading before the official announcement of the NYC token in New York City.
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