- A crypto streamer accidentally triggered a 99% drop in his Pump Fun token after pressing “sell” on his phone.
- The token’s market cap fell from $4.6 million to $12,000 and later rebounded to $2.2 million.
- The streamer, Gainzy, reported earning $168,000 from the accidental transaction.
- Security firm Arkham has expressed doubts about whether the mistake was genuine.
- Gainzy is working with the Pump Fun team to address the situation and restore affected investor confidence.
Crypto content creator Gainzy reported on social media that he unintentionally sold his own Pump Fun token while handling his phone. The mistake caused the token, called gnzystrm, to lose 99% of its market cap in a matter of seconds. The incident occurred on the Pump Fun platform, popular for launching user-generated tokens.
Within moments, the token’s market value plummeted from $4.6 million to $12,000 before partially recovering to $2.2 million. Despite the dramatic drop, Gainzy earned $168,000 after the transaction. Seconds after selling, he posted a message on X stating, “FUCK”, and later clarified that an accidental swipe had caused the sale. He emphasized, “an accidental click on the app,” and denied being hacked.
Gainzy appealed to Pump Fun CEO Alon Cohen for assistance in resolving the issue. He publicly described the situation as a “fat-finger event,” a term used for financial mistakes caused by pressing the wrong button. As the market cap fell, Gainzy posted updates on social media, writing, “I watched in real time as the chart nuked fully cognizant my finger slipped and now I’m waiting to hear how much $ this shit is gonna cost me to fix.”
Some community members and the crypto security firm Arkham have questioned the accident, raising concerns about the legitimacy of the claim. Gainzy has since said he is working directly with the Pump Fun team to correct the event and plans to offer more updates. He confirmed in a live stream that he would not take extreme measures like cutting off his finger or announcing a formal buyback, which could lead to traders taking advantage of the information.
Earlier this year, Gainzy was among those who left Israel due to Iranian airstrikes. He was also wrongly identified as Luigi Mangione, who was accused in a high-profile UnitedHealthcare case.
Gainzy has stated he will keep the public informed about efforts to address the market disruption.
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