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A certain wallet made a front-running trade resulting in a loss of $477,000 before the NYC token announcement in New York City.
GateNewsBot
USDC-0,01%
ChainCatcher reports that, according to BubbleMaps data cited by Crypto Fearless, a certain wallet made a front-running trade resulting in a loss of $477,000 before the NYC token announcement in New York City.
After the NYC token was launched, its market cap surged to $600 million, but the team then withdrew $2.5 million USDC from the pool, causing the price to plummet by 70%. There was a 20-minute window between the deployment of the tradable pool and the NYC token announcement for front-running. A certain wallet bought in 10 minutes before the announcement and temporarily gained an unrealized profit of $250,000, but due to holding the position too long and panic selling, it incurred a loss of $477,000.
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