Man turns Robinhood-AMC feud into $2 million gain in 12 hours

A savvy crypto trader managed to turn a $2 million profit in just 12 hours by exploiting the ongoing dispute between Robinhood Markets and AMC Entertainment Holdings. The drama unfolded after AMC CEO Adam Aron criticized Robinhood for offering a tokenized version of AMC stock without registering under U.S. securities laws. In response, Robinhood stood firm, with its chief legal officer declaring the company's commitment to continued token trading.

The ticker for AMC meme coin, inspired by the feud, skyrocketed from $0.00008571 to $0.1509 within hours, an astonishing 176,000% surge. One crypto trader strategically purchased 6.11 million MEME tokens at a mere $2,972 when the coin was first launched. As the meme coin continued its meteoric rise, the trader sold 750,000 MEME tokens for $85,300.

Despite still holding 15.36 million MEME tokens, the trader now boasts an unrealized gain of $2.03 million, as of 3:20 AM ET on Sep. 4. The meme coin's value has since plummeted to $0.03136.