MIKA Token Crashes 99% After Influencer Posts Wallet Key

The short version

MIKA token lost 99% in one sale on October 28 after influencer Mika posted her dev wallet’s private key on X; the wallet’s 500 million tokens, half the supply, were sold for 380.8 SOL, about $38,600.
The chain shows a planned exit, not a random theft: the buyer had got in a minute after launch, and a minute after the sale another address locked the wallet as a durable nonce and took 101.6 SOL in creator fees.
The crew is watching the second Free Mika token Mika posted: three wallets bought 44% of it in the launch second and sold it all within 14 seconds, while its dev wallet still holds 50%.

The MIKA token lost 99% of its price in a single sale on Wednesday, minutes after crypto influencer Mika (@mikadontlouz, 126,000 followers) posted what she called the private key of her token’s dev wallet. “Free yourselves knights,” the post read. “No cabal.”

That wallet held half of all MIKA. Minutes later it was empty, and the tokens were sold for about 380 SOL. Some on X called it a costly mistake, others a staged exit. Here is what the chain shows.

One of the first to say it was staged:

What Happened to the MIKA Token?

The wallet’s own key moved the bag, and a second wallet dumped it seven seconds later. At 17:35 UTC a fresh wallet, topped up five minutes earlier by ten transfers of exactly 2.777 SOL, launched “Free Mika” (MIKA) on Pump.fun and bought 500 million tokens, 50% of the supply.

At 17:41:30 UTC that wallet sent all 500.4 million MIKA to another address. At 17:41:37 UTC that address sold the lot on PumpSwap for 380.8 SOL, about $38,600. The pool’s SOL fell from 402 to 22 and the price from about $0.0009 to under $0.000004.

The buyer wasn’t a stranger. The same address had bought MIKA one minute after launch.

Was the MIKA Crash a Staged Exit?

The chain can’t name who held each wallet, but the cleanup points to planning. At 17:42:37 UTC, a minute after the sale, a third address turned the dev wallet into a durable nonce account under its own control. From then on, only that address could take SOL out, whoever had the key. It then collected 101.6 SOL, about $10,300, in Pump.fun creator fees owed to the wallet.

Trader The Method Maverick called it “a controlled exit framed as a drain.” Mika has not answered the claim on X.

SIDE TRAIL: The 10 Most Common Crypto Scams and How to Spot Them

What About the Second MIKA Token?

Its dev wallet hasn’t sold, but the supply was dumped anyway. At 18:08 UTC a new wallet, funded the same way with ten 2.777 SOL transfers, launched another “Free Mika”, and Mika posted its address. In that same second, three other wallets bought 440 million tokens, 44% of supply. Four wallets now held 94%. All three sold out within 14 seconds.

That is the usual way to rug without touching the dev wallet: buy through side wallets at launch, dump those, and point to the untouched dev bag. Onchain records don’t show who owns the three wallets, which have weeks of trading history, and Mika hasn’t commented. Her dev wallet still holds its 50% and collected about 120 SOL in creator fees overnight.

How the “Posted My Key” Trick Works

A posted private key looks like a gift: whoever moves first takes what’s inside. Here the bag was gone within seconds, and the leftover SOL was locked behind a nonce owned by someone else.

The result looks like a theft, not a rug pull by the dev, while the dev’s half of the supply hits the market anyway. The red flags show up on any bubble map: one wallet holding 50%, and big buyers in the first seconds.

TRAIL MAP: Bitcoin vs Altcoins vs Stablecoins vs Memecoins: What You’re Actually Buying

The crew is watching the second dev wallet and its 500 million tokens.

Written by

Satoshi Flipper

In crypto since 2017, trading stocks for over 20 years. MBA. Follows the economic data and US markets closely.