Trader Bags $282K by Copying CZ's Wallet Activity

A trader's keen eye on Binance founder Changpeng 'CZ' Zhao's wallet activity led to a staggering $282,000 profit, after they front-ran CZ's token burns and sold their Marscoin tokens for a 29x return. The trade began with an investment of $9,700, which was used to buy 84.61 million Marscoin tokens within seconds of CZ burning 4,444 Marscoin from his public address.

The trader employed a '2x and take out the initial investment' strategy, selling half their position for 16.4 BNB before letting the rest ride. The remaining 42.3 million tokens were later sold for 465 BNB, worth about $282,000, yielding a substantial profit.

CZ's public wallet activity had previously been used by traders as a signal to buy and sell certain assets, but CZ clarified that his token burns were merely routine maintenance, not an attempt to influence the market. He has since donated the funds from his public wallet to Giggle Academy, his education-focused charity.

Not everyone was successful in this frenzy, however. A separate trader who 'FOMO'd into Marscoin' after seeing CZ's burn lost roughly $110,700 in about two hours when the token crashed more than 90% after CZ announced he would stop using the public address.