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A single altcoin investor made millions of dollars in just a few days thanks to a recent market-wide rally.
According to a report by blockchain analytics platform Spot On Chain, a trader using a multi-signature wallet invested in ENA, developed by Ethena Labs.
The trader, who has been questioned as to whether they were “lucky” or had “inside information,” withdrew a total of 13.86 million ENA from Gate.io exchange between May 17 and yesterday before the ENA price started to rise.
Ethena Labs, which develops a synthetic dollar protocol, received investment from Binance Labs, the $10 billion investment arm of Binance, as part of the sixth season of the incubation program. Binance listed ENA on its exchange in early April after introducing it as a Launchpool project.
The cost per unit of ENA for this investor was an average of $0.731. Having invested a total of $10.13 million, the trader made $1.87 million in four days.