Michael Bouhanna, Vice President of Sotheby’s, is facing serious manipulation accusations after reportedly earning over $1 million through his self-created memecoin, BAN. Data shared by Lookonchain on October 27 shows that Bouhanna used his personal wallet (“5W7U”) to conduct these transactions. Previously, Bouhanna had publicly acknowledged ownership of this wallet on social media, only to later delete the post.
Wallet Activity Details
Bouhanna’s “5W7U” wallet is registered as the developer address for BAN, and records show he made substantial profits through this coin. Another wallet associated with Bouhanna (“EwVB”), last active on October 22, conducted transactions with over 10 different memecoins. Notably, this wallet transferred funds to the “3wj7” address, which turned an initial $1,795 investment into $929,000, with ties back to Bouhanna.
Although Bouhanna had experienced losses in previous memecoin investments, BAN enabled him to turn things around. Following increased scrutiny, he attempted to reduce backlash by burning 37.36 million BAN tokens. Despite this move, he reportedly retained profits exceeding $1 million via inner wallet transfers.
Lookonchain’s findings have fueled allegations of insider trading and manipulation. The crypto community now awaits Bouhanna’s response to these claims, as well as how this incident might affect his position at Sotheby’s.
Coin Manipulation and Legal Implications
Experts warn that accusations of market manipulation can undermine trust in the crypto industry. Actions based on insider knowledge not only risk reputational damage but could also lead to significant legal consequences, particularly for high-profile investors. Incidents like this highlight the pressing need for greater regulation and transparency within the crypto space.
For market stability and investor protection, Dey There emphasizes the importance of monitoring such developments and implementing safeguards to maintain confidence in digital assets.
manipulation, $1 million, memecoin, insider trading, market trust
