El Jefe

Here's how someone legally manipulated $SNEK/USDT on CEX's while simultaneously going back and forth 20x long then 20x short on @strikeperps to cash in around 50M SNEK (150k $ADA) from the lp over the span of 4 hours. He used 4 addresses to operate a loop flawlessly. Step 1: He goes Long (1-2M $SNEK) with 20x leverage from the 4 wallets. Step 2: He buys on multiple CEX with large amount creating small spike. Step 3: Closes his longs in profit and opens shorts. Step 4: Dumps the $snek the same way he bought them on CEX and closes the shorts in profit. He did that over the span of 4 hours. Analyzing CEX data during the 4 hour event showed volume spike on Gate and kucoin during that time period with candles moving back and forth between 0.00118 (traders long price) and 0.00123 (traders short price) HTX had the highest snek volume at $4.5m which suggests potential activity there but this has been consistent at that rate for a longer timeframe with no unusual spike during the event. Kraken had unusually high buy volume at the beginning of the event. We can see DEX was not the main part of the strategy as the chart during the event looks completely different being with the ADA pair and no heavy back and forth activity At this point the team was vigilant and decreased the leverage on SNEK to 10x which should make this harder to achieve. Question is, when will he try it again