Mysterious Wallet's Early Bet on $NYC Ends in $477,000 Loss

Revealing a Mysterious Wallet's $NYC Trade History

Newly disclosed on-chain data unveils a fascinating transaction timeline. Just ten minutes before the $NYC contract launch, an unknown address transferred funds from Kraken and rapidly purchased the token, raising speculation about possible insider activity.

Rise and Fall of a Paper Profit

The address briefly gained $250,000 in unrealized profit, but the investor failed to exit at the optimal moment. As the price corrected sharply, the investment ultimately resulted in a $477,000 loss.

The Rise and Collapse of $NYC

Originally announced by former New York Mayor Eric Adams, $NYC quickly gained traction and reached a peak market cap of $600 million. However, the project team later removed $2.5 million worth of liquidity, triggering a 70% price crash that left many investors in significant losses.

Market Lessons

This event serves as a reminder for investors to approach new projects with caution, especially when information is limited. Tracking liquidity changes and project team actions is crucial to mitigating potential risks in volatile markets.