The trader used a popular sniping trading bot called Banana Gun to be the first to buy the newly launched SatoshiVM tokens.
Update: The article was updated to clarify the bug issue with Banana Gun v1 contract.
A crypto trader made $6.77 million in profit within three hours of the launch of the SatoshiVM (SAVM) token. The trader used a banana gun sniping tool to acquire the token before it launched and then sold the token as the price increased, raking in nearly $7 million in profits.
The trader first bought 2.61 million SAVM for 277.66 Ether (ETH) worth $681,000 using the Banana Gun trading bot. Banana Gun — which launched in July 2023 — allows users to snipe presale tokens and trade crypto quickly. A trader can choose between “Manual Trade” and “Automatic Sniper,” where the fee for manual trades is 0.5%, while the automatic sniper feature charges a fee of 0.75%.
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Source: https://cointelegraph.com/news/trader-bribe-7m-profit-satoshivm-token-launch