Crypto News – Three hours after the SatoshiVM (SAVM crypto) token launch, a cryptocurrency trader pocketed $6.77 million in profit. The trader made almost $7 million in earnings by buying the soon-to-be-launched token first using a banana gun sniping tool and then selling it as the price rose.
SAVM Crypto Launch Set Stage for $7 Million Bribe, Investor Referred to as “Legend”
Using the banana gun trading bot, the trader initially purchased 2.61 million SAVM for 277.66 Ether, or $681,000. Launched in July 2023, Banana Gun enables users to trade cryptocurrency quickly and snipe presale tokens.
Within three hours of its debut, the token’s price crashed by 99%. The collapse upon the v1 debut was attributed by the developers to a bug. The Banana Gun team suffered financial consequences before publishing version 2 because the team opted to sell the treasury to reclaim the locked LP and make everyone in version 1 whole.
Banana Gun Raised Suspicion All Along
Since its inception, the trading bot has generated controversy due to multiple instances of cash mysteriously disappearing after sniping. A Banana Gun representative clarified that this is not a Banana Gun problem, but certain token contracts allow the contract deployer to transfer money from users’ wallets or use other methods to rug. In this instance, a bad contract prevented the tokens from ever moving to the buyers’ wallets.
Many on X praised the trader for the enormous profits he achieved using the banana gun tool. Some commended his willingness to pay 141 ETH in sniper fees, while others referred to him as a legend.
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