Did Developers Commit Fraud in This Altcoin: They Bought Large Amounts of Their Own Altcoins and Then Dumped Them

Developers behind POPE, a newly emerged memecoin, earned $1 million in about two hours, according to cryptocurrency onchain data. Data shows that POPE developers created a new wallet ahead of the token launch and were the first to sell 5.8 million POPE tokens as soon as the token launched, using $100,000 worth of USDC – a worrying development for an altcoin. After purchasing POPE tokens, the developers sold 1.5 million POPE tokens as the price jumped to $0.286. With the subsequent sales, they increased their total realized profit to $688,000. They still hold $286,000 worth of POPE tokens. Related News: Ripple’s Chief Legal Officer Explains Why the SEC Withdrew Its Appeal in the Case POPE was actually created after Donald Trump recently jokingly announced that he wanted to be the next pope, and the official White House X account shared a photo of Trump in his papal regalia. However, this memecoin has no official affiliation with Trump and poses a very high risk. The altcoin, which has fallen significantly from its peak, is trading at $0.083 at the time of writing. *This is not investment advice. Continue Reading: Did Developers Commit Fraud in This Altcoin: They Bought Large Amounts of Their Own Altcoins and Then Dumped Them

Source: BitcoinSistemi