PANews reported on September 18th that blockchain analytics platform Bubblemaps published an article on the X platform claiming that Tether co-founder Reeve Collins had just launched a new token, STBL. However, the top five traders are suspiciously interconnected and have profited over $10 million. Collins launched STBL yesterday, a new stablecoin system built around three tokens: USST (stablecoin), YLD (yield token supporting USST), and STBL (governance token). An analysis of the top five traders by STBL trading volume revealed that these five profit-makers received capital injections at the same time. Tracing the source of their funds revealed a clear connection: the funds all came from the same source (injected via Tornado Cash); bots were used to borrow USDC from the Venus Protocol; and the total profit exceeded $10 million. However, there is no evidence that these traders are connected to the core team. In fact, this group of bots has a history of extracting value from other tokens, not just STBL.PANews reported on September 18th that blockchain analytics platform Bubblemaps published an article on the X platform claiming that Tether co-founder Reeve Collins had just launched a new token, STBL. However, the top five traders are suspiciously interconnected and have profited over $10 million. Collins launched STBL yesterday, a new stablecoin system built around three tokens: USST (stablecoin), YLD (yield token supporting USST), and STBL (governance token). An analysis of the top five traders by STBL trading volume revealed that these five profit-makers received capital injections at the same time. Tracing the source of their funds revealed a clear connection: the funds all came from the same source (injected via Tornado Cash); bots were used to borrow USDC from the Venus Protocol; and the total profit exceeded $10 million. However, there is no evidence that these traders are connected to the core team. In fact, this group of bots has a history of extracting value from other tokens, not just STBL.
Bubblemaps: The top five traders in STBL token trading volume are interconnected and have made profits exceeding $10 million
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PANews reported on September 18th that blockchain analytics platform Bubblemaps published an article on the X platform claiming that Tether co-founder Reeve Collins had just launched a new token, STBL. However, the top five traders are suspiciously interconnected and have profited over $10 million. Collins launched STBL yesterday, a new stablecoin system built around three tokens: USST (stablecoin), YLD (yield token supporting USST), and STBL (governance token). An analysis of the top five traders by STBL trading volume revealed that these five profit-makers received capital injections at the same time. Tracing the source of their funds revealed a clear connection: the funds all came from the same source (injected via Tornado Cash); bots were used to borrow USDC from the Venus Protocol; and the total profit exceeded $10 million. However, there is no evidence that these traders are connected to the core team. In fact, this group of bots has a history of extracting value from other tokens, not just STBL.
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