Suspicious Transactions Have Been Detected in the Bitcoin-Based Altcoin, which Experienced a Huge Jump After the Stock Exchange Listing!

KuCoin, one of the leading cryptocurrency exchanges, announced that it has listed the Bitcoin-based altcoin called SatoshiVM (SAVM). With this listing announcement, the SAVM price skyrocketed, rising up to 58% in a short time.

At this point, while the price of SAVM exceeded $ 5, SpotonChain said in its post that it noticed suspicious transactions related to SAVM.

Accordingly, an investor purchased 22,505 SAVMs worth $100,000 at $4.44 before KuCoin announced the SAVM listing.

With this purchase, this investor increased the number of SAVMs in his possession to 386,280 and became the 5th largest owner of SAVM with an unrealized profit of 922 thousand dollars (+ 72.5%).

Another transaction was the deposit of 40 thousand SAVMs (worth $221 thousand) to KuCoin from a wallet thought to be a wallet affiliated with the SatoshiVM team.

At this point, Spotonchain pointed out whether this transfer was carried out for sales purposes or to provide liquidity to the stock exchange, and said that there was no clear information on this subject.

“SAVM price rose up to 58% in the last 24 hours after announcing the KuCoin listing!

We noticed 2 suspicious movements on the SpotOnChain platform:

1. A wallet probably affiliated with the SatoshiVM team deposited 40 thousand SAVM (worth $221 thousand) to KuCoin about 2 hours ago. Is this to provide liquidity or sell the tokens after listing?

2. The investor, who became the 5th largest owner of SAVM with his last purchase, also purchased 22.5 thousand SAVMs worth $ 100 thousand at $ 4.44 before the KuCoin listing.

Currently the whale has $386k SAVM ($2.19 million) and unrealized profit of $922k (+72.5%).”

SAVM continues to trade at $5.06 at the time of writing.

The $SAVM price surged up to 58% in the past 24 hours after #KuCoin announced to list the token at 9:00 on Feb-26-24 (UTC)!

Using basic filter functions on #SpotOnChain platform, we noticed 2 suspicious movements:

1. A likely SatoshiVM team-linked wallet deposited 40K $SAVM… pic.twitter.com/nqJVStpgY3

— Spot On Chain (@spotonchain) February 26, 2024

*This is not investment advice.