In a recent investigation, shocking arguments were made about an altcoin project that has become popular amid Turkish investors.
Million-dollar insider trading claims on this altcoin project
A Forbes report, endorsed by CertiK, accuses the Helium group of accumulating wealth with an insider trader. The Internet of Things (IoT) project, which now uses the Solana network, was allegedly abused by its group and its relatives. According to the report, approximately $ 250 million of HNT was displayed in 30 wallets related to the Helium team and their relatives. According to the report published by Forbes on September 23, these wallets were associated with 30 wallets that mined at least 3.5 million of all HNT tokens in the first three months of the platform’s launch in 2019.
The findings show that these accounts held almost half of all HNT in circulation at the time. Notably, within six months of launch, insider traders disposed of a quarter of their HNTs.
These accounts produced 3.5 million HNT in 6 months
To join Helium’s decentralized internet network, you need to purchase $500 Wi-Fi routers. In its early days, the altcoin project assured that everyone would benefit from the success of the network. Thousands of people around the world have bought these Wi-Fi routers to join the Helium network. Moreover, one of these devices was connected to Helium CEO Amir Haleem of California. According to reports, the machine extracted 250,000 HNT in its first quarter run. From the mining rewards, the wallet received 455,000 HNT, worth $25 million at its peak.
The wallet cluster of 30 people in contact with the Helium group produced 3.5 million HNTs through Wi-Fi mining. These HTNs were created within 6 months of the first launch of the project.
Administrators are also accused of hiding benefits from Helium Security Tokens (HST), which guarantees a third of all HNT elsewhere. Interestingly, when HNT peaked, the group used a portion of the token’s investors’ stake. Left about 30% stake for the Helium community