TechFlow reported on February 26 that, according to Lookonchain monitoring, the incident in which a whale lost approximately $2.73 million in a suspected snipe attack may have been a money laundering operation via wash trading conducted by the teams behind LIBRA and MELANIA.
The group spent 19,846 SOL (approximately $2.76 million) to purchase a low-market-cap meme coin (POPE), eventually selling it for only 175 SOL (about $24,000), thus incurring a loss of $2.73 million. This $2.73 million was effectively transferred to other wallets in a "legitimate" manner.
Previous report: A whale suffered a snipe attack when purchasing a low-market-cap token, losing around $2.73 million within 20 seconds.
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