This trader turned $68,700 into $9.4 million by betting on BNB Chain’s viral ‘4’ memecoin

An chartless crypto trader has made 1 of the astir improbable fortunes of the year, turning a $68,700 stake into astir $9.4 cardinal by backing a token that originated from a societal media hack.

On Oct. 3, blockchain analytics steadfast Lookonchain reported that the trader bought 63.07 cardinal units of a Binance Smart Chain token called “4” connected Oct. 1 for 68 BNB.

Within 2 days, the worth of that stash had multiplied by implicit 135x, leaving the holder with an unrealized summation of astir $9.3 million. This singular nett erstwhile again highlights the extremes of memecoin speculation.

Unlike accepted cryptocurrencies, these tokens often deficiency underlying inferior and commercialized astir wholly connected societal sentiment. Their volatility makes them risky, yet the imaginable for exponential gains continues to gully caller investors.

4 memecoin root story

The “4” memecoin token has an antithetic backstory. On Oct. 1, attackers hijacked the authoritative BNB Chain X relationship and utilized it to administer phishing links.

BNB Chain aboriginal reported that 10 malicious links were shared during the breach, resulting successful astir $8,000 successful full losses crossed networks, with 1 idiosyncratic incurring a nonaccomplishment of up to $6,500.

Yu Xiang, laminitis of blockchain information steadfast Slowmist, connected the onslaught to Inferno Drainer. He said:

“[This is] different phishing cognition related to the notorious Inferno Drainer phishing group. Judging by 1 of the phishing wallet addresses, the fig of victims mightiness beryllium a fewer dozen

Inferno Drainer is simply a notorious radical known for offering “drainer-as-a-service” kits. These tools alteration scammers to make fake websites and accounts that are designed to siphon funds successful speech for a stock of the stolen assets.

Meanwhile, the attackers had besides launched the “4” memecoin during the exploit, selling their archetypal holdings for astir $4,000. They past manipulated the marketplace to propulsion up prices and staged different exit for $22,000 earlier abandoning the project.

In galore cases, this would person been the extremity of the story. However, alternatively of collapsing, the token recovered caller life. Crypto traders consolidated liquidity, efficaciously taking the task retired of the attacker’s hands and transforming it into a community-led asset.

That unexpected displacement fueled a terms surge. Market tracker Dexscreener shows that “4” gained astir 200% successful the past 24 hours, trading astatine $0.1775 with a marketplace capitalization supra $150 cardinal arsenic of property time.

The station This trader turned $68,700 into $9.4 cardinal by betting connected BNB Chain’s viral ‘4’ memecoin appeared archetypal connected CryptoSlate.