Insider trading has become a hot topic in the data encryption ecosystem, especially due to the recent conviction of a buddy of a former Coinbase manager. The insider trading complaint is said to be the first involving digital currency. Now another group of transactions related to the listing of Binance's historical wallet details address has aroused suspicion.
Conor Grogan, the director of Coinbase, identified many secret wallets' trading theme activities in the past 18 months on Twitter. It is reported that Secret Name Wallet bought several unlisted tokens a few minutes before the announcement of Binance's listing, and sold it immediately after the announcement.
The first such case will appear in the form of Rar tokens. One of the wallets bought $900000 in Rari a few seconds before the listing and sold it a few minutes after the listing.
Another wallet starting with 0x20 bought about 78000 ERNs from June 17 to 21 and sold immediately after the listing announcement. Similar token data archiving also appeared in TORN tokens. One of the mentioned wallets bought hundreds of thousands of tokens and sold them immediately after the listing announcement.
Similar ways were also observed before the RAMP tokens in Binance were listed. One wallet with the beginning of 0xaf bought a $500000 RAMP in a few days, and then sent the tokens to Binance a few minutes after the listing announcement. The shopkeeper made a profit of $100000 in the transaction.
Another $100000 payday came from the GNO listing of Binance. The users of the wallet took the newly listed token to the market in the same way.
Tokens were sold immediately after Binance went public, making these wallets profitable by hundreds of thousands of dollars. The accuracy of the transaction indicates that the wallet user has the right to obtain the inside information of this directory.
Grogan concluded that it is also likely to come from "rogue employees associated with the elite team of listed companies, who will also grasp the details of the new property announcement, or find traders who have leaked some kind of API or installment payment/detection trading exchanges."
Binance recently released a 90-day token sales plan for employees, which prohibits employees or major members of their families from selling all newly listed tokens in the market within the relevant period. Binance did not respond to CoinTelegram's request for comment.
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