On-Chain Investigation Uncovers Suspected $23M 'Sniper' Scheme Linked to YZY and LIBRA Token Launches
A recent on-chain investigation has brought to light a significant financial scheme involving "sniper wallets" reportedly connected to the YZY brand. Analysts suspect these wallets were utilized to extract approximately $23 million in what appears to be insider gains across the launches of both the YZY token and the LIBRA token. The findings highlight the persistent challenge of market manipulation within the volatile cryptocurrency landscape.
Details of the Suspected Scheme
The investigation, conducted by an unnamed on-chain sleuth, meticulously traced transaction patterns to identify wallets exhibiting characteristics of "sniping" – a practice where large amounts of a new token are acquired moments before public listing or a significant price surge, often indicating prior knowledge of the launch or promotional activity. The identified YZY sniper wallets were specifically linked to the LIBRA token ecosystem, revealing a cross-token strategy in the suspected extraction.
According to the analysis, the accumulated gains from these coordinated activities amount to a substantial $23 million. This figure encompasses profits from strategic purchases made just ahead of the public availability or price pumps of both the YZY and LIBRA tokens, suggesting a high degree of pre-market intelligence and coordination. The nature of these transactions strongly points towards insider trading, where non-public information is leveraged for financial benefit, undermining fair market practices.