A wallet move attracted attention for Binance, the world’s largest cryptocurrency exchange in terms of daily trading volume. Especially in the last year when “insider trading” has become one of the important topics in the cryptocurrency space, some wallets allegedly linked to Binance’s listing history are being watched. Here are the details…
Insider trading claim for Binance
Insider trading has become a hot topic in the crypto ecosystem, especially with the recent punishment of the brother of a former Coinbase executive. Insider trading accusations were believed to be the first to involve cryptocurrency, and now another set of wallet addresses with transaction history linked to Binance listings has been cast into doubt. Coinbase director Conor Grogan has flagged the transaction activity of several anonymous wallets over the past 18 months via Twitter. Anonymous wallets allegedly bought multiple unlisted tokens minutes before the listing announcement on Binance and sold them immediately after the announcement.
The first example of the movements of these wallets was Rari (RARI) transactions. One of the wallets allegedly received $900,000 in Rari seconds before they were listed on Binance and sold these tokens minutes after they were listed. Another wallet, starting with 0x20, bought approximately 78,000 ERNs between June 17-21 and sold immediately after the listing announcement. A similar token dump was observed with the TORN token, where one of the wallets in question bought hundreds of thousands of these tokens and sold them immediately after the listing announcement.
A similar pattern was observed before the RAMP token listing on Binance; One of these wallets, starting with 0xaf here, bought $500,000 in RAMP within days before sending the tokens to Binance minutes after the listing announcement. Thus, the owner of the wallet made a profit of $100,000 on the transaction. Another $100,000 sale came from Binance’s GNO listing, and the wallet owner transferred the newly listed token to the market in the same manner.
Wallet owners earned hundreds of thousands of dollars
The token dump, which took place right after it was listed on Binance, brought hundreds of thousands of dollars to these wallets. It’s worth noting, though, that insider trading is just an allegation. But Grogan speculated that this was likely due to “an employee who is affiliated with the listing team who will have details about new asset announcements, or a trader who finds some kind of API or staging/test trade leak.” cryptocoin.com As we reported, Binance recently announced a 90-day token sale policy for employees. It prohibited employees or family members from selling any newly listed tokens during the specified time frame.
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