Two Ethereum smart wallets, both of which are whitelisted by Brett Deployer, achieved an astonishing gain of 30,830x.
The incredible profit was made by turning an initial investment of 0.034 ETH (approximately $102) into 890.6 ETH (about $3.14 million).
How the Profits were Made
According to Lookonchain, the dramatic profit was generated by trading a token known as $BRETT. The massive profit margin is causing excitement in the crypto world and is greeted with diverse reactions.
The wallets “0x1f72” and “0x8996” each spent 0.034 ETH to purchase a total of 172.56 million BRETT tokens. Following their initial investment, the two wallets sold a combined total of 122.74 million $BRETT tokens for 890.65 ETH. The sales were primarily carried out through on-chain transactions involving multiple wallets, at a time Ethereum gas fee was at a low.
2 wallets whitelisted by #Brett Deployer made 890.6 $ETH ($3.14M) with only 0.034 $ETH($102), a gain of 30,830x!
What an amazing gain!
Wallets"0x1f72" and "0x8996" spent 0.034 $ETH($102) to buy 172.56M $BRETT.
Then sold 122.74M $BRETT for 890.65 $ETH($3.14M) on-chain via… pic.twitter.com/a15jKD8UpQ
— Lookonchain (@lookonchain) April 28, 2024
The wallets in question are both whitelisted by Brett Deployer. This seems to suggest that certain addresses receive preferential treatment or early access to token-related activities. An X account, shady, that tracks and provides analysis on blockchain says there are one hundred and thirty-nine such whitelisted addresses associated with Brett Deployer.
This sequence of trades which led to a massive profit is generating great interest and curiosity from the broader cryptocurrency community. While many see it as a windfall and seek to understand the mechanics behind the gains, others suspect insider tips.
Community Reactions to Whitelisting
It has also generated concerns about the cons of whitelisting with certain addresses positioned to gain advantage in token trading. A user by the name KryptoKami queried the legality of the gains experienced by the two smart wallets in a post.
“Bro are you insiders KOL lol stop giving traders false hopes of gains by highlighting insider traders. All of this is not even under trading, straight fraud & the gains are illegal, high chance of jail. You already know this project specifically is owned by insiders.”
Investors say that the dramatic profits observed with the two smart wallets are not typical in the crypto world.
