$SWAP's 3-second crash: the sellers' SOL and the creator's went to the same wallet

$SWAP is the token of Swaply, a trading app promoted by the X account @SWAPLYdex. At 1:12 AM ET on 6 October 2026 it lost about 98% of its value in roughly three seconds. We read every trade on its main pool for that window: 119 different wallets sold, taking about 216 SOL out of the pool, which fell from 228 SOL to 18. Eighty of those sells landed in the same Solana block (one of them). We reported the crash at the time in our chatter.

Fifteen minutes later the same wallets moved together again. At 1:27:21 AM ET, 17 transactions, each signed by seven wallets at once, sent a total of 414.27 SOL into one wallet, 3AWG…6t3c (one of the transfers). We checked the signers against the sellers: 114 of the 119 wallets that sold at 1:12 AM signed these transfers. A transaction needs every signer's key, so whoever sent them held the keys to all seven wallets in each one.

The coin's creator is in the same picture. The wallet that created $SWAP on pump.fun on 4 October, AfNH…jqAB, signed and paid for the coin's creation. It sold into the pool itself at 1:14 AM ET (the sell), and at 1:25:36 AM ET it sent 13.27 SOL to 3AWG…6t3c, two minutes before the sellers' SOL arrived there.

Then the money left. 3AWG…6t3c already held 74.44 SOL from earlier activity going back to 4 October, and it took in about 13.6 SOL more from six smaller transfers between 1:22 and 1:24 AM ET that we haven't traced. Together with the creator's 13.27 SOL and the sellers' 414.27, that makes the 515.57 SOL it sent on at 1:27:48 AM ET to HPGG…DXyV, emptying itself. At 1:35:50 AM ET, HPGG…DXyV sent 517.23 SOL to 5tzF…uAi9, a wallet that handles about 1,000 transactions an hour, the pattern of an exchange or payment service. That is where we stop: a service wallet mixes many customers' money.

What do the facts show, and what don't they? They show that one key-holder controlled at least 114 of the wallets that sold, and that the creator's wallet paid the same collecting wallet. They don't show who holds those keys. The usual reading of this pattern is that one party bought the coin early through many wallets and sold them all at once. Other readings are possible: the 114 wallets could belong to a trading or volume service that the creator also paid for something else. We name no person.

Why sell this way? Spreading one party's coins over a hundred wallets keeps every single holder small on holder lists and bubble maps, so a coin looks widely held. Selling them all in one block means nobody can react in between: the last of 119 sells lands about as fast as the first.

We'll publish any response from the Swaply team here.