Streamer causes a 99 percent crypto crash after selling 73 percent of its supply. The community is suspicious of the scam because of suspicious wallet gains and price variations.
Gainzy, a famous streamer, crashed his personal cryptocurrency by selling the majority of it simultaneously. He sold 73.4 percent of all the tokens. The value of the token fell by over 99 percent almost immediately.
Source – X
The streamer claimed that it was an accident. He says his finger slipped when using the selling app. Gainzy informed the followers that he has not been hacked. It was only an accidental click.
His followers could see the price drop in real time. The symbol on the chart was DS, which indicated that the drop was a result of Gainzy selling itself. This incident made the society.
Accident or Scheme? Suspicion Grows Fast
Gainzy did not convince many viewers with his explanation. Some of the users said that he was operating a scam. A newly minted wallet purchased 25 percent of the token supply before the crash. This was a very cheap acquisition.
A few minutes after Gainzy sold his coins, that wallet was sold off, and it made a huge profit. The wallet made approximately 420,000 dollars in a few minutes, reports say. One social media user wondered how the wallet had purchased 25 percent of the token at $18,000 and sold shortly after at a huge profit of 400,000.
Source – X
Arkham City, a large on-chain intelligence company, also raised its concerns on X. They wrote on Twitter that it was hardly a coincidence that Gainzy was being sold. The trend implies some form of collusion or insider trading.
Gainzy himself made $168,000 out of the huge sell-off. In the meantime, other people got millions in the price changes.
How Did This Happen on Pump.Fun?
Pump Fun is a scandalous site where Gainzy broadcasts. It enables his followers to trade when he is on his livestream. This is not the first time that the platform has been accused of hosting risky content.
Gainzy token gnzystrm shot up and then crashed 500 percent in a brief high on Wednesday afternoon. The sudden fluctuations of prices took less than one minute.
Selling on the mobile application has a bad interface, according to many. Gainzy even referred to it as terrifying and advised developers to rectify it. However, others do not think this is a very likely excuse. According to them, the volume and timing of trades prove that the event was scheduled.
The situation has become viral on social media. Believers are split into those who think it was a real slip and those who consider it to be a scam. For the same reason that there is suspicion, there is no evident sign of innocence.
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