Anonymous Wallet Turns $174K Into $2.3M Trading Apecoin
A newly created wallet converted $174,000 in ETH into about $2.3M by going 5x long then short Apecoin around an 80% intraday surge before a Yuga Labs CEO announcement.
An anonymous wallet known as 0x0b8a converted about $174,000 in ether into roughly $2.27 million by trading Apecoin on both sides of an intraday price swing. The wallet sold $174,000 worth of ETH on the decentralized exchange Hyperliquid, used the proceeds to open a five-times leveraged long across about 9.19 million APE, closed the long near the intraday top for roughly $1.79 million in profit, then opened a short that netted about $488,000.
Blockchain tracking firm Lookonchain flagged the account and noted it had no prior on-chain transactions. Onchain analysts pointed to the account’s timing and the immediate reversal from long to short as factors that drew attention.
The trades occurred around a Yuga Labs announcement naming Michael Figge as chief executive officer and moving Greg Solano to chairman. Apecoin, the token tied to Yuga Labs’ Bored Ape Yacht Club and the Otherside metaverse, rallied more than 80% intraday around that disclosure.
No formal investigation has been announced. Rules on insider trading in crypto vary by jurisdiction, and enforcement often depends on whether trades occur on regulated platforms or fall under securities laws. Documented on-chain cases do not frequently lead to prosecution unless a regulated exchange or a securities framework is directly involved.
The account used leverage and traded a token that can show low liquidity and sharp price swings, conditions that can amplify both gains and losses.
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