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Token dump following Binance listing raises insider trading suspicions

Published 01/23/2023, 04:33 AM
Updated 01/23/2023, 06:20 AM
© Reuters
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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 (NASDAQ:COIN), 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.

Movement of ERN tokens post Binance listing. Source: Etherscan
Movement of RAMP tokens from suspected wallet post Binance listing. Source: Etherscan

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