A trader made a $1 million profit in 30 minutes by acquiring the newly launched memecoin, VOID, invented by Michael Bouhanna, Sotheby’s vice president. The transaction occurred on December 4, with the trader spending 35 Solana (about $8,200) to acquire 462 million VOID tokens, accounting for 44% of the total supply. In about half an hour, they sold 439 million tokens for 4,604 Solana, earning more than $1 million.
Bouhanna isn’t new to the realm of memecoins. He previously launched Comedian (BAN), inspired by the viral $6 million banana artwork that Tron founder Justin Sun purchased. However, allegations of insider trading dogged his initial memecoin launch. Lookonchain, a blockchain analytics business, claimed that Bouhanna benefitted from insider trading during the introduction of BAN. The charges alleged that Bouhanna profited from an insider wallet, but he firmly refuted the assertions.
Bouhanna defended himself, asserting that he did not own the wallet in question and that he did not realize the majority of the earnings. He also stated that the memecoin initiative was a personal pastime and had nothing to do with his position at Sotheby’s. He went on to say that he initially intended to launch the initiative secretly to avoid calling attention to his professional name, but he overestimated the public’s interest.
The cryptocurrency world responded to the release of VOID and its rapid value surge with conflicting comments. While some were impressed by the swift earnings, others accused Bouhanna of possible unethical actions. Some questioned if Sotheby’s was comfortable with an executive involved in such contentious projects. The episode emphasizes the unpredictable nature of memecoins, where traders can make large, but sometimes brief, profits. It also raises significant concerns about transparency and ethical norms in the cryptocurrency arena, especially when traditional industry figures are involved.
As the memecoin movement continues to grab traders, the legal and ethical ramifications remain a hot topic in the cryptocurrency world.
