• News
    • Bitcoin
    • Altcoins
  • NFT
  • Metaverse
  • Analysis
  • Regulation
  • Learn
  • Market Cap
What's Hot

Animoca Denies $200M Metaverse Fund Cut

2023-03-27

Coinbase Chief Legal Officer Says SEC’s Wells Notice a Massive Overreach on Part of Regulator

2023-03-26

US Prosecutors Slam Terra (LUNA) Founder Do Kwon With Eight Counts of Fraud for 2022 Crypto Collapse

2023-03-26
Facebook Twitter Instagram
  • Contact
  • Terms & Conditions
  • Privacy Policy
  • DMCA
Facebook TikTok Instagram YouTube
CryptoNewsMetaverse
  • News
    • Bitcoin
    • Altcoins
  • NFT

    U.S. IRS Considers Taxing NFTs Like Other Collectibles

    2023-03-21

    Meta Shuts Down NFT Project to Focus on FinTech and Content

    2023-03-14

    Solana’s Solend V2 Release, Is SOL Price $50 Next?

    2023-03-06

    Amazon NFT Marketplace To Reportedly Launch Next Month

    2023-03-06

    Blur Coin Under Fire As Allegations Of Wash Trading Emerge

    2023-03-01
  • Metaverse

    Animoca Denies $200M Metaverse Fund Cut

    2023-03-27

    Metaverse Trading Hits All-Time High

    2023-03-24

    Exploring the Metaverse: A Guide to Investing in Metaverse Stocks

    2023-03-20

    A Guide to Virtual Land Staking in the Metaverse

    2023-03-20

    Nissan Doubles Down on Web3 Innovation

    2023-03-13
  • Analysis

    DOJ Officially Seizes Over $456,000,000 Worth of Robinhood Shares Tied to FTX Founder Sam Bankman-Fried

    2023-01-08

    Mark Cuban Makes Prediction on Next Crypto ‘Scandal,’ Warns of Potential Implosion if Exposed: Report

    2023-01-08

    Binance Listings Cause Crypto Assets To Spike an Average of 41%: New Research

    2023-01-08

    Bitcoin Whales Unloaded BTC As Market Reversed and Parked Their Profits in This Crypto Asset Class: Santiment

    2023-01-07

    Crypto Analyst Predicts Breakout for AI-Focused Altcoin, Updates Outlook on Ethereum and Lido DAO

    2023-01-07
  • Regulation

    Coinbase Chief Legal Officer Says SEC’s Wells Notice a Massive Overreach on Part of Regulator

    2023-03-26

    US Prosecutors Slam Terra (LUNA) Founder Do Kwon With Eight Counts of Fraud for 2022 Crypto Collapse

    2023-03-26

    Crypto Analyst Nicholas Merten Says Fed Money Printing Won’t Spark New Bitcoin (BTC) Rally – Here’s Why

    2023-03-26

    Bitcoin and Ethereum Investors Are Not Flinching, US Pressure on Crypto Will Backfire: Chris Burniske

    2023-03-26

    Billionaire Chamath Palihapitiya Predicts Corrosion of the Economy, Says Fed Rate Hike Could Cause Real Damage

    2023-03-26
  • Learn

    Chart Patterns Cheat Sheet For Technical Analysis

    2023-03-21

    Best NFT Wallets in 2023

    2023-03-21

    What are Dapps (Decentralized Applications) Crypto?

    2023-03-17

    How to Short Sell Bitcoin

    2023-03-17

    Why Decentralized Exchanges Are On Rise? Can INNODEX Surpass Binance and Uniswap?

    2023-03-15
  • Market Cap
CryptoNewsMetaverse
Home»Token dump following Binance listing raises insider trading suspicions

Token dump following Binance listing raises insider trading suspicions

2023-01-23No Comments3 Mins Read
Share
Facebook Twitter LinkedIn Pinterest Email

Insider trading has become a burning topic in the crypto ecosystem, especially in light of the recent conviction of an ex-Coinbase manager’s brother. The insider trading charges were believed to be the first involving cryptocurrency, and now another set of wallet addresses with transaction history linked to Binance listings has raised suspicion.

Conor Grogan, director of Coinbase, took to Twitter to flag the transaction activity of a few anonymous wallets over the past 18 months. The anonymous wallets allegedly bought multiple unlisted tokens minutes before their listing announcement on Binance and dumped them right after the announcement.

The first such instance came in the form of Rar tokens where one of these wallets bought $900,000 in Rari seconds before and dumped them minutes after listing.

It appears that there is a pattern of Binance front-running over 18+ months

I found connected wallets that:
-Bought $900k Rari seconds before and dumped minutes after listing
-Bought ~78K ERN between June 17 and June 21 and sold right after listing announcement
-Did same w/ TORN https://t.co/yAolrfeHkO pic.twitter.com/VRq3vzfcgd

— Conor (@jconorgrogan) January 23, 2023

Another wallet starting with 0x20 bought about 78,000 ERN between June 17 and 21 and sold right after the listing announcement. A similar token dump was observed with TORN token, where one of the mentioned wallets bought hundreds of thousands of these tokens and sold them right after their listing announcement.

Movement of ERN tokens post Binance listing. Source: Etherscan

A similar pattern was observed before the RAMP token listing on Binance, where one of these wallets starting with 0xaf bought $500,000 of RAMP over a few days, before sending the tokens to Binance minutes after the listing announcement. The owner made a $100,000 profit on the trade.

Movement of RAMP tokens from suspected wallet post Binance listing. Source: Etherscan

Another $100,000 payday came from Binance’s GNO listing, with the owner of the wallet dumping the newly listed token on the market in the same fashion.

The token dump right after its listing on Binance has profited these wallets hundreds of thousands of dollars. The trade’s accuracy indicates that the wallet owner has access to insider information on these listings.

Related: ‘Binance is the crypto market:’ Arcane crowns the exchange 2022’s winner

Grogan speculated that this could likely be from a “rogue employee connected to the listings team who would have details on new asset announcements or a trader who found some sort of API or staging /test trade exchange leak.”

Binance recently revealed a 90-day token sale policy for employees, prohibiting them or their family members from selling any newly listed token in the mentioned time frame. Binance has not responded to Cointelegraph’s request for comment.

Source link

Binance Dump insider Listing raises suspicions Token Trading
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Metaverse Trading Hits All-Time High

2023-03-24

Why Decentralized Exchanges Are On Rise? Can INNODEX Surpass Binance and Uniswap?

2023-03-15

Thailand to offer tax breaks for investment token issuers

2023-03-09

Crypto Exchange Binance Approached SEC Chair Gary Gensler in 2018 To Offer Advisory Position: Report

2023-03-07
Add A Comment

Leave A Reply Cancel Reply

Top Posts

Rarible.com Now Accepts DOGAMÍ Token $DOGA For Tezos NFTs

2022-09-16

Binance tightens rules on NFT listings

2023-01-20

ApeCoin sees declines despite Otherside’s raging success, what’s going on

2022-05-02

Subscribe to Updates

Get the latest news and Update from Cryptonewsmetaverse.com about Crypto, Metaverse and NFT.

Our mission is to develop a community of people who try to make financially sound decisions. The website strives to educate individuals in making wise choices about Cryptocurrencies, NFT, Metaverse and more.

We're social. Connect with us:

Facebook Instagram YouTube TikTok
Top Insights

Animoca Denies $200M Metaverse Fund Cut

2023-03-27

Coinbase Chief Legal Officer Says SEC’s Wells Notice a Massive Overreach on Part of Regulator

2023-03-26

US Prosecutors Slam Terra (LUNA) Founder Do Kwon With Eight Counts of Fraud for 2022 Crypto Collapse

2023-03-26
Get Informed

Subscribe to Updates

Get the latest news and Update from Cryptonewsmetaverse.com about Crypto, Metaverse and NFT.

  • Contact
  • Terms & Conditions
  • Privacy Policy
  • DMCA
© 2023 Cryptonewsmetaverse.com. Designed by ProdigitalX.

Type above and press Enter to search. Press Esc to cancel.

  • bitcoinBitcoin(BTC)$27,851.00-0.33%
  • ethereumEthereum(ETH)$1,764.23-0.74%
  • USDEXUSDEX(USDEX)$1.07-0.53%
  • tetherTether(USDT)$1.00-0.11%
  • binancecoinBNB(BNB)$328.880.54%
  • usd-coinUSD Coin(USDC)$1.00-0.10%
  • rippleXRP(XRP)$0.4888446.50%
  • cardanoCardano(ADA)$0.355832-1.25%
  • dogecoinDogecoin(DOGE)$0.0755100.46%
  • Lido Staked EtherLido Staked Ether(STETH)$1,760.47-0.77%