A Solana wallet generated $1.4 billion in suspected wash trades between Sept. 21 and Oct. 20, accounting for 22.7% of the $6.17 billion traded across Raydium’s concentrated-liquidity pools. Bitquery identified 108,871 swaps across 438 pools, many involving tokens imitating XRP, Litecoin, Monero, and Lisk, as well as 22,685 completed round trips conducted with about $12,000 in capital. Ten linked pools displayed $5.93 billion in liquidity on DEXScreener despite holding only $10,238 in USDC reserves; one showed $579 million in liquidity while holding approximately $19 in USDC. Twelve suspected helper wallets executed about 1.25 million swaps, but the operator remains unknown, and neither investor losses nor the involvement of Raydium or the platforms displaying the pools has been established.
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