It is suspected that there were buyers before Gains Network (GNS) before listing Binance

A trader secretly “picked up” Gains Network (GNS) and quickly took a profit of 106,000 USD right after the token was listed on Binance.

It is suspected that there were buyers before Gains Network (GNS) before listing Binance

Tracing from data LookOnChain, on February 18th, A mysterious address pooled $208,000 worth of GNS through the 1Inch DEX in less than 30 minutes before the token was listed on Binance.

GNS price immediately peaked at 12.01 USD before returning to 11 USD at present. With a 50% increase after listing the floor, that address was able to take profits and pocket a profit of 106,000 USD.

Kyptos reported on a transaction with many similarities on January 19, an investor bought in 6,200 RPL (Rocket Pool) via Uniswap 10 minutes before the token is listed on Binance. This person then took profit and made a profit of $ 55,400.

The above wallet address was also found to have purchased many tokens before they listed on Binance since 2018. The tokens in question include Rarible (RARI), Ethernity (ERN) and Tornado Cash (TORN).

Last month, Coinbase product head Conor Grogan, who also traced the mysterious transactions of the above RPL wallet, gave his opinion on the suspicions of “insider” happening on Binance:

“These things happen for only a few reasons. It’s an internal MNPI, most likely an insider who is connected to the listing team and has the details of the new token announcement. In another case a trader might have discovered some sort of API. Or this could be a staged commercial exchange.”

Meanwhile, Coinbase was also involved in an insider trading scandal when the exchange’s former Product Manager Ishan Wahi secret “key row” for my brother to collect a large amount of tokens before listing. The case has gradually come to an end when Wahi brothers both pleaded guilty before the law.

Not long ago, the CEO of Binance himself Changpeng Zhao reaffirmed the exchange’s employee restriction policy, which requires Binance employees to hold a coin for at least 90 days before being allowed to sell.

Binance has so far not released any statement on the suspicion of “insider trading” mentioned above.

Synthetic Kyptos

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