Fabrizio Corona launches $CORONA memecoin on Solana, suspicious wallet activity raises insider trading concerns

Fabrizio Corona, a well-known figure on the Italian media scene, tonight launched his memecoin called $CORONA on the Solana blockchain. The launch took place with a message on the Telegram group dedicated to the project at 0.02am on 22 February 2023.

Fabrizio Corona, a well-known figure on the Italian media scene, tonight launched his memecoin called $CORONA on the Solana blockchain.

The launch took place with a message on the Telegram group dedicated to the project at 0.02am on 22 February 2023.

Pay attention to the times, because they are important. But let’s go in order.

The case of the Corona token is an example of how activities in the cryptocurrency market can sometimes raise significant concerns about illicit practices such as insider trading.

Let us look together at the sequence of events involving one particular wallet, which turned out to be the wallet that generated the largest profit, which exhibited rather suspicious behaviour around the launch of this new token.

This wallet, identified with the address 6gTCSJ664fqCJCnK5echzLM4iA4TCe1mcvipr1Ai6Jdk, showed suspicious activity precisely in the timing of its operation.

He started buying the Corona token at exactly 23:59, i.e. just three minutes before the token address was made public to the community at 00:02 by Fabrizio himself.

This raises an important question: how did the owner of this wallet know about the existence of the token and the exact time to act, even before the information was available to the general public? Evidently, he knew.

The financial success of the trader behind this wallet is equally remarkable.

Starting with an initial investment of 9k, the trader managed to bring home an impressive 87k, almost a x10 in just a few minutes! Demonstrating an understanding of the market and its fluctuations that goes beyond mere speculation.

Moreover, the trader liquidated his position around 00:25, shortly after the public announcement, capitalising on the sudden increase in value.

Another element that deserves attention is the considerable funding received by the wallet on 19 February, an impressive 120 SOLs from wallet DPA27UK6cRBCBYXY9RVkxopBUJ5hSWrN8HLCXpVm9G5B.

This funding potentially provided the liquidity needed to make the initial transactions that led to that considerable gain.

Such behaviour raises not only ethical but also legal questions.

If it were confirmed that the trader had access to non-public information, we would be dealing with a clear case of insider trading, a practice strictly forbidden in traditional financial regulations and which is also becoming increasingly relevant in the cryptocurrency world.

In response to these events, industry regulators should consider launching in-depth investigations to clarify the origin of the information used by the trader and to ensure that all parties involved comply with existing regulations.

This case highlights the need for greater transparency and regulation in the cryptocurrency market to protect investors and maintain trust in the digital financial system.