Michael Bouhanna, the vice president of Sotheby’s Auction House, generated over $1 million by trading a self-developed memecoin named BAN, according to data shared by Lookonchain on October 27. Bouhanna executed these transactions through his wallet identified as “5W7U,” which he previously acknowledged on social media, only to later delete the post.
Wallet Address Details
Bouhanna’s “5W7U” wallet is registered as the developer’s address for BAN coin, indicating significant profits from these coin purchases. Additionally, another wallet he actively used on October 22, known as “EwVB,” engaged in transactions involving more than ten different memecoins.
This wallet previously provided funds to the “3wj7” address, which attracted attention by turning a $1,795 investment into $929,000, revealing a connection to Bouhanna.
Despite previously incurring losses on different memecoin investments, Bouhanna managed to turn his fortunes around with BAN coin. Although he burned 37.36 million BAN coins in response to mounting pressures, he still earned over $1 million using his internal wallets.
Findings from Lookonchain raised concerns regarding insider trading and manipulation allegations. It remains uncertain how Bouhanna will respond to these accusations and how they might impact his position at Sotheby’s.
Coin Manipulation and Legal Implications
Experts warn that such manipulation allegations could undermine confidence in the markets. Transactions based on insider information may lead to legal repercussions, highlighting the need for high-profile investors to exercise caution.
These events underscore the necessity for regulation and transparency in the cryptocurrency market. Closely monitoring developments in the crypto world and taking necessary precautions is critical to protecting market participants from potential losses.