Plato Data Intelligence.
Vertical Search & Ai.

Suspicious Wallets Nearly Earned $1M on Binance Listings

Date:

  • Coinbase’s director highlights suspicious transactions of several anonymous wallets
  • The cryptocurrency ecosystem has been abuzz with insider trading
  • There might be a rogue listings employee responsible for this series of events

The director of Coinbase, Conor Grogan, took to Twitter to highlight the transaction behavior of a few anonymous wallets over the past eighteen months.

The anonymous wallets allegedly purchased many unlisted tokens on Binance minutes before their listing announcement and sold them immediately after the announcement.

Grogan hypothesized that this might have been caused by a rogue employee related to the listings team who had information on new asset announcements or a trader who discovered an API or staging /test trade exchange leak.

The first case of this nature occurred with Rar tokens when one of these wallets bought $900,000 Rar seconds before listing and sold it minutes later.

A similar pattern was noticed prior to the RAMP token sale on Binance, when one of these wallets beginning with 0xaf4d3b7 purchased $500,000 worth of RAMP over the course of a few days and then sent it to Binance minutes after the listing announcement. The trade yielded a profit of $100,000 for the owner.

Another wallet earned the amount of $100,000 from Binance’s GNO listing when he dumped the freshly listed coin on the market.

Insider trading has been a hot topic in the cryptocurrency ecosystem, especially in light of the recent conviction of the brother of a former Coinbase manager. Binance listings linked to wallet addresses with shady transaction histories have now sparked suspicion.

In other news, hackers have the ability to complete a sale by matching advanced orders placed using the OpenSea Seaport protocol.

The vast majority of users are becoming dissatisfied with the NFT marketplace for the OpenSea censorship features. This is due to the fact that stolen NFT commodities can be traded on the platform’s marketplace.

Tags: binanceCrypto marketcryptocurrency

disclaimer read more

Crypto News Land (cryptonewsland.com) , also abbreviated as “CNL”, is an independent media entity — we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.

José is a crypto enthusiast who trades crypto night and day. He loves to share his trading stories and experiences in all his published articles. José likes to hang out and travel to meet new friends. Enjoys sushi, vodka, and tequila.

spot_img

Latest Intelligence

spot_img

Latest Intelligence

spot_img

Latest Intelligence

spot_img