Token dump following Binance listing raises insider trading suspicions
Coinbase director Conor Grogan speculated it could be either a rogue employee or a trader who might have access to the losing API. 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-runni...