Anonymous wallet exploits ApeCoin surge amid Yuga Labs leadership shakeup

A mysterious crypto wallet has capitalised on an 80% price spike in ApeCoin to make over $2.2 million, just as Yuga Labs announces a new CEO, raising questions about insider trading and market influence.

An anonymous crypto wallet with no previous trading activity has drawn scrutiny after turning a relatively modest ether stake into a multi-million-dollar windfall by trading ApeCoin around a sharp price spike. According to on-chain tracker Lookonchain, the address sold ether worth about $174,000 on the Hyperliquid exchange before opening a leveraged long on 9.19 million APE tokens.

The timing proved exceptionally profitable. ApeCoin surged more than 80% in a matter of hours, allowing the wallet to close the long position for roughly $1.79 million in gains. It then flipped short almost immediately and made a further $488,000 as the rally cooled, taking the total profit to about $2.27 million.

The trade has fuelled speculation because it came just before Yuga Labs confirmed a leadership change. The company behind Bored Ape Yacht Club and the Otherside project appointed Michael Figge as chief executive, with co-founder Greg Solano moving to the role of chairman. Analysts pointed to the newly created wallet, its lack of prior transaction history and the near-perfect entry and exit as signs of potentially informed positioning.

ApeCoin’s move was also supported by a broader burst of enthusiasm around Yuga Labs’ plans, including a proposed over-the-counter desk for high-end NFT liquidity. Market data cited by crypto outlets showed APE breaking out of a long period near $0.10 and touching as high as $0.2780 on Binance’s USDT market, while the token remained far below its 2022 peak despite the sudden rally. No formal investigation has been announced.

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Source: Noah Wire Services