Yield Farmer Makes $9k to $9,853,086 in Just 48 Hours with OMNI Token Trading
A yield farmer has gained significant attention in the crypto community after successfully turning a modest $9,414 investment into an astonishing ROI of 104,564%. Lookonchain, a prominent on-chain resource, recently shared details about how the yield farmer achieved this remarkable feat through trading the new meme token called OmniCat (OMNI).
As per Lookonchain’s disclosure, the yield farmer utilized 4 Ethereum tokens, valued at $9,414 during the transaction, to acquire a whopping 4,454,378,989 OMNI tokens. This substantial token acquisition was orchestrated through nine transactions.
According to the on-chain investigator, the trader accumulated OMNI tokens using four Ethereum addresses and five addresses on the Arbitrum network. Additionally, the trader also bought OMNI through other blockchain networks like BNB Chain, Base, and Solana.
Interestingly, each transaction executed by the yield farmer to acquire the meme tokens was below 1 ETH, which means they spent less than $1,200 to acquire millions of OMNI tokens. However, the value of each transaction later exceeded an average of $1 million.
Collectively, at the end of this strategic accumulation, the trader’s OMNI portfolio reached a value of $9,853,086, starting from an initial investment of $9,414. This translated into an ROI of over 104,564%, and these transactions took place between December 22 and 23, as per Lookonchain’s update.
Meanwhile, the yield farmer has faced allegations of market manipulation. Specifically, Lookonchain accused the trader of manipulating OMNI for personal gain during the meme coin’s trading debut. The on-chain investigator claimed that the yield farmer provided liquidity for OMNI and engaged in buying and selling the token based on the created liquidity.
1/ yieldfarming(@delucinator) may be the manipulator of $OMNI.
Buy large amounts of $OMNI on multiple chains with multiple addresses as soon as it opens trading.
Provide liquidity to $OMNI, then buy and sell $OMNI repeatedly.
At the current price, his gain may be over 1,000x! pic.twitter.com/dWhglNOIEg
— Lookonchain (@lookonchain) December 23, 2023
However, members of the crypto community have challenged this accusation. Well-known blockchain security threat tracker, Zach, argued that Lookonchain’s claim lacked supporting evidence. Another crypto enthusiast pointed out that Lookonchain’s use of the term “manipulator” was defamatory, stating that what the yield farmer did was arbitrage, which is not a crime.
Disclaimer: The information provided in this article is for informational and educational purposes only. It does not constitute financial advice or any other kind of advice. Coin Edition is not liable for any losses incurred due to the use of the mentioned content, products, or services. Readers are advised to proceed with caution and exercise their own judgment before making any financial decisions.