Developer Profits $2.85 Million From New Altcoin, Neiro, In An Apparent Rug Pull

Data from cryptocurrency tracking service Lookonchain reveals that the developer of the newly launched Neiro altcoin has achieved substantial financial gains after a rug pull.

The developer initially acquired 97.5 million Neiro tokens for a mere 3 SOL, equivalent to around $500.

After the token’s price surged, the developer sold 68 million of these tokens for 15,511 SOL, or roughly $2.85 million, resulting in a profit of 15,508 SOL from this transaction.

Additionally, the developer sent 10 million Neiro tokens to a burn wallet, leaving them with 19.5 million tokens still in their possession, translating to an unrealized profit of approximately $1.8 million.

The Neiro token, launched on the Solana blockchain, is a meme coin named after Kabosu, the recently deceased dog who was the face of Dogecoin.