This trader turned $68,700 into $9.4 million by betting on BNB Chain’s viral ‘4’ memecoin
An unknown crypto trader has made one of the crucial unlikely fortunes of the 12 months, turning a $68,700 wager into roughly $9.4 million by backing a token that originated from a social media hack.
On Oct. 3, blockchain analytics agency Lookonchain reported that the trader purchased 63.07 million items of a Binance Smart Chain token referred to as “4” on Oct. 1 for 68 BNB.
Within two days, the worth of that stash had multiplied by over 135x, leaving the holder with an unrealized achieve of roughly $9.3 million. This exceptional revenue as soon as once more highlights the extremes of memecoin hypothesis.
Unlike standard cryptocurrencies, these tokens typically lack underlying utility and commerce nearly totally on social sentiment. Their volatility makes them dangerous, but the potential for exponential beneficial properties continues to attract new buyers.
4 memecoin origin story
The “4” memecoin token has an uncommon backstory. On Oct. 1, attackers hijacked the official BNB Chain X account and used it to distribute phishing hyperlinks.
BNB Chain later reported that ten malicious hyperlinks had been shared throughout the breach, leading to roughly $8,000 in whole losses throughout networks, with one person incurring a lack of as much as $6,500.
Yu Xiang, founding father of blockchain safety agency Slowmist, linked the assault to Inferno Drainer. He said:
“[This is] one other phishing operation associated to the infamous Inferno Drainer phishing group. Judging by one of many phishing pockets addresses, the variety of victims could be a couple of dozen
Inferno Drainer is a infamous group recognized for providing “drainer-as-a-service” kits. These instruments allow scammers to create pretend web sites and accounts which are designed to siphon funds in alternate for a share of the stolen belongings.
Meanwhile, the attackers had additionally launched the “4” memecoin throughout the exploit, promoting their preliminary holdings for round $4,000. They then manipulated the market to push up costs and staged one other exit for $22,000 earlier than abandoning the mission.
In many circumstances, this may have been the top of the story. However, as an alternative of collapsing, the token discovered new life. Crypto merchants consolidated liquidity, successfully taking the mission out of the attacker’s palms and remodeling it into a community-led asset.
That sudden shift fueled a worth surge. Market tracker Dexscreener shows that “4” gained practically 200% within the final 24 hours, buying and selling at $0.1775 with a market capitalization above $150 million as of press time.
The put up This trader turned $68,700 into $9.4 million by betting on BNB Chain’s viral ‘4’ memecoin appeared first on CryptoSlate.
