STG price surges 45%, insider trading suspected STG price surges 45%, insider trading suspected
On-chain data revealed four wallets bought a total of 266,200 STG right before the price surge and made $49,954 in profit.
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Updated: Jan. 23, 2023 at 7:33 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Four wallets purchased Stargate Finance (STG) tokens before it recorded a 45% increase on Jan. 22 and sold all holdings shortly after, according to Lookonchain.
Altogether, the investors spent $131,462 to purchase 266,200 STG tokens and sold them all for $181,416, scooping $49,954 in total profit.
The transactions
The address “0x6127” spent 20,000 USD Coin (USDC) to purchase 40,498 STG on Jan. 22, 02:40 UTC. About eight hours later, the address sold all its STG holdings for 27,596 USDC — making 7,596 USDC in profit, according to Lookonchain.
The second address denz.eth exchanged 20,000 USDC for 40,269 STG tokens on Jan. 22. The wallet sold all purchased STGs for 28,039 USDC five hours later — earning 8,039 USDC from the transactions.
The third address “0x27ae” spent a total of 41,462 USDC coins on buying 84,322 STG tokens on Jan. 22, 02:25 UTC. Then, he sold all of it six hours later for 58,194 USDC — keeping 16,732 USDC for himself.
The fourth address “0xcfea” spent 50,000 USDC to buy 101,111 STG on Jan. 22, 02:40 UTC. Like the other three, this address sold all its STG tokens about eight hours later for 67,587 USDC, scooping 17,587 USDC in profit.
Due to the parallel nature of the four individual wallet transactions, Lookonchain suggested the exchanges could be “insider traders.”
STG token
The STG token surged by 45% on Jan. 22 and increased to as high as $0.7031 from $0.4840, according to CryptoSlate data. The token was being traded for around $0.6476 at press time.
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Zeynep Geylan
Zeynep is an academic who turned to crypto in 2018. Originating in social sciences, she is especially interested in the social impact of blockchain and cryptocurrencies and strongly believes in their transmuting power.
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