The blockchain security company CertiK disclosed how a new generation of scammers is changing their tactics to target automated trading bots in the wake of the LIBRA meme currency fiasco, in which insiders were given advanced information of the launch procedures.
Kang Li, the chief security officer at CertiK, told Decrypt last week at Consensus in Hong Kong that some smart contracts are intentionally made to target the snipers.
The observations follow Hayden Davis’s description of such ventures as a “zero-sum game” in which only a few have power. Davis is the self-described “launch strategist” for LIBRA and other celebrity meme coins.
Even at the top, all of it is extractive to some degree—none of it has value, Davis stated in an interview with Coffeezilla’s Stephen Findeisen last Sunday. He explained how “professional snipers” are involved in meme coin launches, front-running a token and loading up to buy in before a launch is made public.