Lookonchain experts have identified another trader who made a fortune on memecoins. This time, it was Michael Buhanna, a top manager of the digital art department at Sotheby's.
According to analysts, he increased his deposit in the BAN memcoin by 490 times in two days. Interesting detail: Michael Buhanna was unsuccessfully trading various memcoins and therefore decided to launch his own asset.
The trader bought 36,27 million BAN for 10,2 SOL ($1795), and when the coin he issued showed growth, he sold 12 million BAN for $56. As a result of the sale, the value of the BAN memecoin fell by almost 900%.
However, the businessman did not sell the coin, as traders often do when the asset's value drops significantly. He waited until the memecoin showed growth again, and then sold 6,13 million BAN for $80.
At the moment, there are about 18,13 million BAN left in his wallet, worth $734. Experts accused Bouhanna of insider trading using a separate crypto wallet. According to them, it was the top manager who sold BAN on the rise and did not panic on the fall.
Representatives of the auction house declined to comment on the current situation with accusations of insider trading against one of its top managers.
