Suspected insider wallets net $20M on Solana’s Focai memecoin launch
At least 15 blockchain wallets involved in suspected insider trading transformed a $14,600 investment into over $20 million, raising transparency concerns in cryptocurrency markets. These wallets earned a 136,000-fold return on their investment by acquiring over 60.5% of the total supply of the Focai.fun (FOCAI) memecoin, recently launched on Solana’s Pump.fun platform. The wallets sold their holdings for approximately 94,175 SOL, netting around $20.48 million. The FOCAI token's market capitalization peaked at over $46 million before dropping nearly 14% to $39.6 million. One wallet made $3.47 million in three hours, achieving a x2973 profit. Despite potential profits, over 99% of traders on Pump.fun have lost money, with only a few wallets generating significant returns.
