In a fascinating turn of events in the cryptocurrency landscape, Michael Bouhanna, a vice president at Sotheby’s auction house, has unveiled a new memecoin called Nothing (VOID). This launch has opened the door to a hefty financial gain for one trader, who reportedly made $1 million in just half an hour.
Launch of VOID Tokens
It all started on December 4, when Bouhanna teased the imminent arrival of an art-centric memecoin via a post on his X account. Shortly afterwards, a wallet associated with him began generating VOID tokens. Seeing an opportunity, a trader invested 35 Solana (SOL)—around $8,200—to purchase a staggering 462 million VOID tokens, which accounted for 44% of the total supply. Incredibly, within half an hour of making that investment, the trader flipped 439 million tokens for 4,604 SOL, netting over $1 million.
Controversies Surrounding Bouhanna
This isn’t Bouhanna’s first foray into the memecoin world. Previously, he had created another token called Comedian (BAN), which drew inspiration from the infamous $6 million banana artwork purchased by Justin Sun, the founder of Tron. However, the launch of BAN was marred by controversy, as accusations of insider trading surfaced against Bouhanna.
According to the blockchain analytics company Lookonchain, Bouhanna allegedly leveraged insider information to gain about $1 million linked to the BAN token through a wallet believed to be associated with such intel. Before he ventured into creating his own tokens, he reportedly invested in multiple memecoins but hadn’t seen any significant returns, which may have spurred his decision to launch a token of his own.
Community Reactions and Ethical Concerns
In light of these accusations, Bouhanna has strongly denied any involvement in insider trading. He criticized a recent online claim that suggested he made a $1 million profit, asserting that the wallet in question wasn’t his and that much of the reported earnings were unrealized gains. He emphasized that his ventures into memecoins were purely personal interests, detached from his professional role at Sotheby’s.
Reflecting on his journey, Bouhanna shared that he originally aimed to launch BAN anonymously, wanting to keep it separate from his professional image. However, he soon realized that the spotlight on his activities led to speculation about his connection with the auction house, which he had not intended.
The memecoin scene has sparked mixed reactions within the crypto community. On X, some users have criticized Bouhanna, suggesting that while many actors in controversial endeavors often attempt to hide their actions, he seems to flaunt a lifestyle that raises ethical dilemmas. Concerns have also been voiced about Sotheby’s, as some people questioned whether the auction house condones its employees engaging in possibly misleading memecoin ventures.
Source: Cointelegraph
