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An anonymous wallet with no prior trading history turned $174,000 worth of ether into $2.45 million by trading Apecoin on both sides of an 80% price surge in a single day, according to onchain tracking shared by Lookonchain.
Lookonchain identified the wallet as 0x0b8a, noting it had never executed a transaction before the reported trades. The wallet first sold ether worth $174,000 on the decentralized exchange Hyperliquid, then opened a 5x leveraged long position across 9.19 million APE tokens.
Apecoin surged more than 80% shortly after the long was opened. The wallet closed the long near the top for a reported $1.79 million profit. It then immediately opened a short position as momentum faded, extracting an additional $488,000.
Combined, the session produced a $2.27 million gain, with returns described as 14x on the initial capital deployed.
Lookonchain highlighted the wallet’s lack of prior transaction history as a key signal. The described pattern—using a newly created wallet to enter a leveraged directional trade in a lower-liquidity token ahead of a major corporate update, then reversing quickly—has been characterized by analysts as consistent with informed positioning.
The article points to a recent announcement from Yuga Labs, the company behind Bored Ape Yacht Club and the Otherside metaverse project. Yuga Labs disclosed a new chief executive officer, Michael Figge, taking over from Greg Solano, who became chairman of the board.
Analysts cited the wallet’s positioning ahead of this announcement as part of the reason the trade has been framed as potentially insider-related.
The article states that no formal investigation has been announced. It also notes that insider trading enforcement in crypto markets varies widely by jurisdiction, and prosecutions are uncommon unless a regulated exchange or a securities framework is directly involved.
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