DegenFund (ex-Twitter) Insider Trading Uncovered: Developers and Insiders Control 76.38% of the $BAKED Token Supply

On 1 July 2024, blockchain analytics service Lookonchain published a detailed thread on X (formerly known as Twitter), uncovering significant insider activities surrounding the launch of the $BAKED token on DegenFund.

DegenFund, a Solana-powered platform for creating and launching new tokens on the Solana blockchain, recently unveiled the BAKED token, a community governance and participation tool within the ecosystem. However, a deeper analysis by blockchain analytics service Lookonchain uncovered some interesting details regarding the token's launch and subsequent trading activity.

According to Lookonchain's analysis, the $BAKED token was launched on DegenFund, with the developer wallet spending 11.82 SOL to acquire 300.72 million $BAKED tokens during minting. At the same time, 206.9 million $BAKED tokens were added to liquidity. The remaining 492.37 million $BAKED tokens were quickly purchased by 19 wallets in just one second.

Upon further investigation, it was discovered that three of these 19 wallets were created simultaneously with the developer wallet, and all three were funded by Bitget, a well-known cryptocurrency exchange. This suggests a high probability that these wallets belong to the developer. Moreover, 15 of these 19 wallets withdrew SOL from Bitget three days before the token launch, which could indicate coordinated insider activity.

In total, these developer and insider wallets spent 82.74 SOL (approximately $11.7K) to acquire 779.85 million $BAKED tokens, which are valued at around $15.6 million, representing 78% of the total supply. Despite selling a small portion, these wallets still hold 763.8 million $BAKED tokens, equivalent to 76.38% of the total supply.

Interestingly, the analysis also identified a sniper who spent 70 SOL ($9,923) to purchase 81.78 million $BAKED tokens from Raydium's pool, not from DegenFund. This individual quickly sold the tokens for 21,581 SOL ($3.06 million) within 30 minutes, earning a profit of 21,511 SOL ($3.05 million). According to Lookonchain's analysis, there is no evidence that this sniper was an insider, suggesting that this was a fortunate trade.

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