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Insider trading in defi is getting out of control. There are a select few "influencers" who are getting special treatment because they can make people buy their bags with a simple tweet. Why be so greedy as to throw away your morals to get more rich than you already are?
About two hours ago something extremely promising was listed called $ETHC. After doing some research I found that they have an all-star team and a super active Github ( https://github.com/ethic-money/ethic). Unfortunately for some reason their website at http://ethic.money didn't work.
After digging into it a bit more and asking around I found out that they had partnered with some people who had bought on listing for practically nothing when it was extremely difficult to find any more information about the project since the website was down.
Word started slowly getting out and the project actually pumped 50x from listing price as people started learning more about how great of a project ∉thic has the potential to be, even without a working website.
Then, the insiders who bought early started dumping and ended up making ~$70k. One wallet ( https://etherscan.io/address/0x64db7d95ab1a35709913a9dabe1662b62d6a8eec#tokentxns) had not made a trade in 43 days before coincidentally converting ETH to DAI 3 hours before the listing and then bought as soon as it was available.
After it pumped they transferred to a different wallet ( https://etherscan.io/tx/0xd9b485be2589f2204428cfabf71e46709cc6b645b876230efed9b1ae55380c9b) so that they could dump on the people who had bought ( https://etherscan.io/tx/0x9f5a5b97804ee6335f8309e682d1e1e5d8d9bc6a7b50b39b7eb3bba9e6d09d7f).
These are people who are already millionaires from being early to defi but they still insist on being completely immoral just to get even more rich. This is stuff you go to jail for in the real world, and their greed is what is going to ruin this euphoria for everyone else.
I honestly feel bad for the ∉thic development team here. They have obviously worked so hard on building something amazing and now have to recover from a couple people taking advantage of them because of money.
I have no doubt that this project will recover and no one will remember this in the future. It's just upsetting that we have people in our community that value more money than they already have over the longevity of the ecosystem.
