A popular crypto trader named Naseem has profited over $100 million from Trump Coin ($TRUMP), a meme coin associated with former U.S. President Donald Trump. But Naseem’s trades have raised concerns about fairness in the crypto world. In the first second of its launch, Naseem purchased $1.09 million worth of $TRUMP with a high transaction fee of $84,000 to guarantee that his transaction was completed quickly.
He made huge profits by this quick purchase. Naseem split his coins into nine different wallets, according to Blockchain platform Bubblemaps and YouTuber Coffeezilla, with one of them seemingly connected to him.
Naseem has denied insider trading. Insider trading refers to someone buying or selling an asset based on secret information before others know what’s going on. His team was just watching blockchain activity, Naseem claimed. An official address linked to the Trump coin interacted with a trading pool the day before the Trump coin dropped, he noted.
Related Post
Yet small traders did not do so well. Block analysis companies such as Merkle Science and Chainalysis reported some 200,000 small investors to have lost money. It was meanwhile, while around 50 large investors made millions.
The Trump Coin was launched on January 17, skyrocketed to a market value of $14.5 billion and then fell by two thirds. According to estimates, the people behind the coin cashed $86 to $100 million in trading fees in less than two weeks. By putting some coins into “liquidity pools,” easy buying and selling is possible and these pools also earn some fees.
It is unknown for sure who owns the Trump Coin but it is known that CIC Digital, which is owned by Trump, is one of the companies involved. Now, because Trump has the ability to affect crypto regulations, his involvement in crypto has raised some ethical concerns.
For now, the crypto world is waiting and watching to see what Naseem had to do to make such a profit.
Also read: Bitcoin Mining Industry Creates Over 31000 Jobs in The US, Report Reveals
