Hacking News
Solana Wallet Generates $1.4B in Suspected Wash Trades
Bitquery found that a single Solana wallet generated $1.4 billion in suspected wash trades over 30 days. The wallet used about $12,000 in working capital to repeatedly generate transactions worth millions of dollars. The activity involved tokens that imitated established cryptocurrencies such as XRP, Litecoin, Monero, and Lisk. The investigation revealed that the operation relied on rapidly buying tokens and selling them back into the same pools, allowing a relatively small amount of capital to generate substantial reported turnover. In one transaction, the wallet exchanged 11,102 USDC for tokens in a pool carrying Lisk's LSK ticker, then sold them back 22 seconds later for 11,100.87 USDC, generating approximately $22,200 in recorded trading volume at a cost of just $1.13, excluding network fees.