A certain wallet incurred a loss of $477,000 from insider trading before the announcement of the token NYC in New York City

According to a report by Crypto Fearless citing Bubblemaps data, a certain wallet incurred a loss of $477,000 before the announcement of the New York City token NYC.

After the launch of the New York City token NYC, its market value skyrocketed to $600 million, but the team subsequently withdrew $2.5 million in USDC from the pool, causing the price to plummet by 70%. There was a 20-minute window for insider trading from the deployment of the pool to the announcement of the NYC token. A certain wallet made a purchase 10 minutes before the announcement and briefly realized an unrealized gain of $250,000, but due to holding the position for too long, it faced a panic sell-off and ended up with a loss of $477,000.