According to blockchain technology probe Lookonchain, a trader bought a $208000 profitable Internet (GNS) dynamic password before listing on Binance and made a profit of $106000.
GNS is a prerequisite for Gain Network's decentralized trading, jumping from $7.92 to $12.01 immediately after listing. The trader bought tokens on a foot of a decentralized exchange aggregator and then sold them at the same address after the price soared.
Last month, Conor Grogan, head of merchandise at competitor Coinbase, said on Twitter that Binance seemed to be in the lead for more than 18 months.
He wrote: "then this is a unified action in advance, there may be several reasons." Inside MNPI, most likely from rogue employees associated with the listing elite team, understands the small details of new property announcements, or traders see some kind of API or periodic / inspection exchange leaks. "
MNPI is the abbreviation of non-public information of raw materials, while API description refers to the application program interface that allows one program flow to find a database from another program flow. Trading companies frequently use API to trade on various exchanges.
Patrick Hillman, Binance's chief strategy officer, responded that the company's policy limits Binance employees to short-term transactions and that representative market sales are locked up for 90 days. He said the policy has been in place since 2021.
Binance didn't immediately respond to requests for comment.
Upgrade (12:57 UTC, 17 February 2023): the description of MNPI and API is enhanced in the fifth paragraph.
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