A popular cryptocurrency wallet, sbfonchain.sol, has just resurfaced with new transactions in the memecoin market. Previously, the wallet was known as an early investor in popular meme coins, although not always with good returns.
The wallet, called sbfonchain.sol on the Solana platform and suspiciously named after Sam Bankman-Fried’s initials, has been noticeably active over the past 24 hours moving funds into new memecoins. While the wallet’s name may be reminiscent of FTX founder Sam Bankman-Fried, there is no hard evidence that it is directly associated with FTX.
However, the wallet is still notable for tracking memecoin transactions, and there are signs that it may be related to FTX in some way. The wallet’s activity increased sharply just as the FTX liquidator’s main wallet began moving SOL to Binance and Coinbase’s hot wallets, in preparation for a debt settlement in 2025.
The sbfonchain.sol wallet was registered on December 13, 2023 at a cost of $20. Since then, the wallet has entered and exited many memecoin markets, often incurring losses from risky trades.
Solana Whale Invests in RIZZMAS
The sbfonchain.sol wallet, with millions of USDC in capital, made a risky investment in a newly launched memecoin – Rizzmas (RIZZMAS). After this wallet entered the market, the price of RIZZMAS increased sharply, from $0.00002 to $0.00007.
Tokens like RIZZMAS can rise sharply if they attract interest. This time, sbfonchain.sol participated at an early stage, investing a small amount in RIZZMAS, just $50,000. However, previous transactions have been larger, with a total of $1.1 million invested in Fartcoin and $995,000 to buy CHILLGUY.
This wallet currently holds 0.28% of the total RIZZMAS supply. Tracking this wallet via Bubblemaps shows that it is connected to a highly active partner wallet. This partner wallet holds 0.41% of the RIZZMAS supply, or over 2 billion tokens.
It is worth noting that this partner wallet is also the owner of FTX tokens, with the same logo as the now-defunct exchange. The amount of FTX tokens in this wallet is no coincidence – the owner currently holds exactly 69,420 FTX tokens.
While the new token only bears the FTX-related symbol, it raises questions about the identity of the memecoin “whales.” This wallet is not just a passive investor in FTX, but also an active trader participating in a highly active trading group.
Meanwhile, the sbfonchain.sol wallet does not own any FTX meme tokens. FTX is a highly volatile asset, with only $19,000 in TVL, but has managed to dominate the meme market. The token was launched when legacy traders were still trading FTT tokens on Binance, amid the speculation on the relaunch of FTX in a new form.
sbfonchain.sol wallet is famous for risky transactions
In the past 24 hours, the sbfonchain.sol wallet bought $4.67 million worth of WIF, but then sold it for a loss of $4.07 million before switching to new tokens. This trader’s method is to move quickly between tokens, looking for a winning trade.
However, just hours after selling WIF at a loss, the wallet successfully executed a transaction, liquidating CHILLGUY for SOL and then converting SOL to USDC. In less than an hour, the wallet increased its USDC balance from $600,000 to $1.05 million. The wallet sold 1.6 million CHILLGUY for 3,707 WSOL and also liquidated 1.6 million UBC tokens for 668.76 SOL. This SOL was then traded via Jupiter to raise a total of 1.048 million USDC.
This is not the first time the sbfonchain.sol wallet has made risky trades with memecoin. In October, the wallet was the largest investor in the MANYU token, before selling it quickly, causing the token’s price to plummet 45%. The trader sold at a loss and moved on to AI coin for a new opportunity.
In late September, sbfonchain.sol was one of the largest buyers of MOODENG tokens, according to Nansen’s analysis. The wallet has since sold off its MOODENG and quickly moved to new tokens.
Back in May, the wallet made transactions between WIF and another risky token, HAMMY, in one of the first demonstrations of the whale’s habit of selling tokens and moving into new assets.
