One Solana portfolio lost about $150k when buying Scam Altman (SCAM) near its launch high. Traders sold off near the bottom after SCAM collapsed 95% in 24 hours, on-chain analytics firm Bubblemaps reported.
The same address, tagged AuKRRB…L7sN, was also down around $81,000 on UNC and $14,000 on ATEROID in previous trading. The three symbol line combined put the realized losses at around $245,000 in one week.
How Altman’s trading scam went wrong
Scam Altman’s code was launched on Pump.fun this week as part of Elon Musk’s lawsuit against Sam Altman and OpenAI It opened in the federal courthouse in Auckland.
Musk spent most of the morning calling OpenAI CEO Altman a “fraudster” via multiple X posts. Solana merchants read the nickname as a tradable meme and rushed to mint the coin before competitors could.
Within eight hours, SCAM’s market value reached over $10 million on a trading volume of approximately $19.6 million. The peak briefly approached $20 million before sellers intervened.
The reversal was just as quick. SCAM lost approximately 88% of its value in the next 24 hours. The decrease from entering the premium portfolio to its exit amounted to about 95%.
What the bubble maps showed
Bubblemaps shared a post containing a visualization of scam holders (SCAM) tagging groups of interconnected wallets. This pattern often indicates internal distribution or coordinated purchasing Solana Meme coin launch.
The AuKRRB…L7sN portfolio chart placed it inside the group of active buyers near the top of the chart. Bubblemaps shared a video live Draw a map So traders can examine portfolio relationships themselves.
Same dealer Choose earlier Tell a similar story. Wallet AuKRRB…L7sN bought UNC and ASTEROID after each token had already been pumped, indicating the timing of a late entry on Solana bars.
Familiar Pump.fun cycle
The tokens were launched on Pump.fun They rarely survive an entire trading week. Galaxy Research has Argue The meme economy rewards bots and snipers, while retail traders absorb most of the losses.
Industry compliance figures put Solana’s carpet recall losses at about $500 million in 2024 alone.
The SCAM process followed a familiar model. The hype-driven launch attracted retail buyers, first owners were distributed on demand, and The chart collapsed within hours.
The code had no white paper, no team, and no product. Its only narrative was the recurring nickname Musk gave to Sam Altman during the OpenAI experiment.
Sam Altman’s existing cryptocurrency project, Worldcoin (now renamed World), had no connection to the scam. The meme currency was a joke trade unaffiliated with the courtroom drama.
Whether the scam settles or fades will likely depend on how much control the feud between Musk and Altman has over cryptocurrency X. For the trader behind AuKRRB…L7sN, the bill has already arrived.
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