Cryptocurrency exchange Binance has drawn its target arrows due to insider trading allegations for cryptocurrencies it has listed on its platform.
Binance, which has been at the center of allegations and rumors lately, is not falling off the agenda due to what happened in token listings. Finally, the exchange that listed Rocket Pool (RPL) was in the middle of criticism due to an insider trading wallet. Allegedly, a group of anonymous wallets learned about Binance’s token listings and made thousands of dollars in profits. Coinbase director Conor Grogan suggested that these transactions on the agenda could be hackers or traders.
Claim Big: Insider Leaks on Binance Listings
Cryptocurrency exchange Binance has come under intense criticism after listing Rocket Pool (RPL). Many analysts found that a wallet made a purchase prior to the RPL listing and earned thousands of dollars by selling it at the time of listing.
These crypto trades, which are illegal, can result in jail time. Insider trading, which is evaluated as a result of manipulation and speculation, can also put the stock markets in a difficult situation.
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
Coinbase director Conor Grogan has flagged such activity by many anonymous wallets over the past 18 months. These marked anonymous wallets have made thousands of dollars in profits by knowing all the listings Binance will make in advance.
According to Grogan, these wallets bought Rari with inside information and earned $900,000 on Binance listing. Wallets have performed the same transactions in projects such as TORN and ERN. Some in the crypto community argue that these transactions are purely insider trading.
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