Crypto Investigators Flag Suspicious Transactions Linked to Wallets Associated With MELANIA and LIBRA Memecoins

Around 19,846 SOL, worth about $2.76 million, was used to purchase the POPE memecoin. However, the tokens were later sold for just 175 SOL, or roughly $24,000. This unusual trading pattern suggests that funds may have been funneled through different wallets in an attempt to obscure their origins.

Crypto investigators have flagged suspicious transactions linked to wallets associated with MELANIA and LIBRA memecoins.

The DEFI researcher, Lookonchain, highlighted on Monday that around 19,846 SOL, worth about $2.76 million, was used to purchase the POPE memecoin. However, the tokens were later sold for just 175 SOL, or roughly $24,000.

This unusual trading pattern suggests that funds may have been funneled through different wallets in an attempt to obscure their origins.

Crypto Wash Trading Or Coordinated Dump?

The transaction history raises several questions. Large buys followed by immediate sell-offs at a loss are common signs of wash trading. Some speculate that the wallets were involved in a scheme to move funds discreetly.

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Others believe it could have been an orchestrated attempt to offload large amounts of POPE tokens without spooking the market. Whatever the case, the rapid loss of millions has drawn attention to the risks of politically linked memecoins.

It seems that the $LIBRA and $MELANIA insider team is laundering funds.

They spent 19,846 $SOL($2.76M) to buy a memecoin(POPE) with a market cap of less than $150K, and sold it for 175 $SOL($24K), losing $2.73M!

That $2.73M was effectively funneled to other wallets in a “legal” way.

The actions of the insider team are truly amazing! pic.twitter.com