BEER project accused of insider trading

MEMEcoin BEER crashed by more than 80% on June 13, 2024. A crypto expert under the pseudonym Wazz accused the developers of insider trading.

The Solana shitcoin $BEER went down 80% a few days after listing on @Bybit_Official with insiders/team cashing out $15M+

The team/insiders controlled 50%+ of supply

One of the biggest and more ellaborate meme scams I’ve seen so far

here are the wallets that caused the dump🧵 pic.twitter.com/ngdtVs7T0F

— Wazz (@WazzCrypto) June 13, 2024

According to the analyst, the project team sold tokens for more than $15 million, provoking a collapse in the rate. The following wallets appear in the Wazz report:

There was also 15M+ cashed out through these bots which I assume are JUP DCA contracts pic.twitter.com/9jYUvr66eC

— Wazz (@WazzCrypto) June 13, 2024

According to him, the indicated addresses belong to the developers or are associated with them. The expert also noted that the team’s share in the asset offer was 50%.

It is noteworthy that in the project team commented accusations against you:

The team blamed the rate drop on “a certain group of people” who deliberately provoked the collapse through short positions.

This was confirmed by the market maker of the Gotbit Hedge Fund project. The organization’s note indicates that this is a coordinated attack:

6/ This dump is a coordinated attack, planned and executed by a particular whale group.

They have been planning this act in advance and mechanics behind it is simple:

— Open short positions at ByBit Perps
— Dump their spot bags
— Close short positions and take profits

— Gotbit Hedge Fund (@gotbit_io) June 13, 2024

The market maker’s publication, in particular, includes a recording from the chat screen where this action was allegedly planned. They also deny that the bidding was carried out by members of the BEER team.

Gotbit Hedge Fund noted that it is already working with Bybit representatives to track and block the accounts involved in the promotion. They also stated that they also suffered losses, perhaps greater than those of retail investors, as a result of the incident.

At the time of writing, BEER is trading at $0.0003. The daily chart shows a price jump of 12%, and the weekly chart shows a 29% drop, according to TradingView.