Crypto
Cryptocurrency Trader's $10K Soars To $400K, Here's How
Cryptocurrency trading is a fast-paced arena where fortunes can change in an instant. The recent surge in the crypto market has seen savvy traders turn modest investments into significant profits in remarkably short timeframes. One remarkable example occurred on June 2, when a trader catapulted $10,000 into an astonishing $400,000 within a mere 10 minutes.
In this whirlwind narrative, the trader leveraged 60 Solana [SOL], valued at about $10,000, to acquire roughly 90 million units of a budding cryptocurrency named HAPPY. Almost instantly, the trader executed a swift sell-off, exchanging their HAPPY holdings for nearly 2,500 SOL, equivalent to around $400,000. This staggering surge marked a phenomenal 3,900% increase within the brief 10-minute window.
The meteoric ascent of HAPPY was masterminded by an enigmatic figure operating under the alias bazingahappy. According to records from Lookonchain, this individual has previously invested roughly $14,000 worth of SOL to secure a significant stake. They controlled up to 79% of the total HAPPY token supply. However, bazingahappy swiftly refuted rumors linking them to the monumental 10-minute trading spree.
Also Read: Solana: Why Analysts Expect SOL to Reach $270 in 2024
Pitfalls and Perils in the Trading Arena
While tales of overnight success may captivate imaginations, they also serve as a sobering reminder of the inherent risk of the market. Despite the allure of massive gains, navigating the volatile landscape of altcoins and newly minted cryptocurrencies requires caution and vigilance.

Also Read: Solana Leaps Towards $200: Is June Ushering A New ATH For SOL?
Additionally, the crypto market is fraught with dangers, from fraudulent schemes to inadvertent errors that can swiftly deplete investments. For instance, the launch of the Self [SLERF] meme coin witnessed a calamitous mishap when a team member accidentally destroyed $10 million worth of assets. Similarly unfortunate saga of CondomSOL highlighted the prevalence of rug pulls in the cryptocurrency market.
Crypto
Fed ‘Sweet Spot’ Sends Signal for Bitcoin as Jobs Data Quietly Sets Stage for $100K BTC
Crypto
Rumors are swirling about Venezuela holding $60 billion in Bitcoin—but crypto experts are skeptical | Fortune
Following the United States’ capture of Nicolás Maduro over the weekend, a report came out claiming that Venezuela had $60 billion stored in Bitcoin—leading to speculation that the U.S. could lay claim to cryptocurrency as well as oil. Despite numerous reports of the huge Venezuelan Bitcoin stash, however, a crypto forensic firm is skeptical of the claims.
The news of Venezuela’s Bitcoin holding began to bubble up last Saturday, the same day that Maduro was ousted. The digital publication Project Brazen reported that his regime could control $60 billion in the original cryptocurrency—but offered little in the way of proof.
“The article does not mention any addresses as a starting point, making it difficult to verify any of these speculated claims,” said Aurelie Barthere, principal research analyst at Nansen, about Project Brazen’s report.
Barthere is not the first person to express skepticism about the country’s purported crypto treasure trove. Mauricio di Bartolomeo, the Venezuelan co-founder of the financial services company Ledn, told Fortune on Wednesday that the level of the country’s corruption makes the figure hard to believe. He expanded his argument in an opinion piece he wrote for Coindesk.
Estimates of Venezuela’s crypto holdings vary wildly. Bitcointreasuries.net estimates that the country has $22 million worth of Bitcoin. That figure would make Venezuela the government entity with the ninth-most money tied up in the original cryptocurrency, just behind North Korea.
While the exact size of Venezuela’s Bitcoin wealth is unclear, the country has long been a player in crypto. Maduro introduced a token called the Petro in 2018, which was shuttered six years later. Its citizens have also turned to stablecoins as a way to fight their currency’s hyperinflation.
Trump has said that he will “run” Venezuela, and some have speculated that includes seizing the country’s Bitcoin holdings. Andrew Fierman, head of national security intelligence at Chainalysis, said he could not speak to the likelihood of such a seizure. He did, however, explain what gaining control of assets might look like.
A freezing of assets could occur through centralized services, he says. These services would get a court order for an exchange or an issuer like Tether or Circle who could blacklist an address. The second method is through physical seizure. The U.S. could get control of wallets, devices, and keys through compelled cooperation.
For now, there is unlikely to be a full and accurate account of Venezuela’s Bitcoin holdings until the political situation in the country becomes more stable.
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