The recent launch of the GAIN token on Binance has turned into a nightmare for investors, as the token's price plummeted by over 90% following a controversial minting and dumping scheme. According to the authors of the publication, it is concerning that this incident has raised serious concerns about the integrity of the token's launch and the actions of its developers.
Massive Minting Operation
At 7:04 AM UTC+8, a wallet known as 0xF38Db2 executed a massive minting operation, creating 5 billion GAIN tokens from a null address. This action increased the total supply of GAIN tokens to an astonishing 52.985 billion, raising eyebrows among the crypto community regarding the tokenomics behind the launch.
Rapid Sell-Off and Investor Shock
Shortly after the minting, the same wallet proceeded to dump 1.475 billion tokens on PancakeSwap, resulting in a profit of at least 2,955 BNB. This rapid sell-off has left many retail investors in shock as they witnessed the value of their investments evaporate almost overnight. The incident has prompted calls for a thorough investigation into the circumstances surrounding the token's launch and the potential misconduct by its developers.
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