These purchases reportedly resulted in millions of dollars in profits. Recently, Conor Grogan, the head of product at Coinbase, claimed that affiliated wallets had repeatedly purchased tokens just before they were listed on Binance. In July, when the charges were first announced, Binance CEO Changpeng Zhao, condemned the actions of the Coinbase employee and spoke out against front-running and insider trading, calling for them to be criminal offenses in all countries regardless of whether or not they involve cryptocurrencies or are regulated.īinance, has also been accused of participating in front-running and insider trading. This case has been deemed the first insider trading case to involve cryptocurrencies by federal prosecutors. Ishan Wahi, a former product manager at Coinbase, recently pleaded guilty to his involvement in an insider trading scheme that resulted in $1.1 million in profits. Over the past year, some of the best cryptocurrency exchanges have been accused or confirmed of front-running, a tactic where traders with insider information purchase large amounts of tokens that are expected to rise in value, sometimes in anticipation of being listed on a centralized crypto exchange. Lookonchain referred to the timely trade as “smart money,” but recent trends suggest that intelligence may not be the only factor involved. This guy made $106,747 in a few hours! /f7G0yyIMPm The token’s price then surged by 51% after the listing, from $7.92 to $12.01, and the trader sold their position for a profit of $106,747 within an hour.Ī smart money bought 26,881 $GNS at a cost of $208,335 before #Binance announcement of listing $GNS. On-chain investigator Lookonchain analyzed the transaction data to make the discovery.Īccording to on-chain analysis, the trader bought Gains Network (GNS) tokens worth $208,335 just 30 minutes before Binance listed the token. ![]() ![]() A crypto trader, who remains unidentified, made more than $100,000 in profits after buying a token just minutes before it was listed on Binance, the leading cryptocurrency exchange.
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