WEB3
by BSC News
January 23, 2023
A Twitter thread from the Head of Product Business Operations alleges insider trading from the world's largest crypto exchange.
Head of Product Business Operations at Coinbase, Conor Grogan, has made serious accusations against Binance for front-running altcoins over the last eighteen months.
In a tweet thread published on January 22, Grogans details several connected and anonymous wallets that appear to have engaged in coordinated pump-and-dumps of altcoins listing on Binance. The accounts bought hundreds of thousands of dollars of tokens from small, lesser projects and quickly sold them for big profits following listings on Binance. Grogan claims to have found six suspicious transactions and ponders if there could be more.
The accounts caused raise eyebrows and caused suspicion about the behavior of Binance. Grogan specifically calls out the increased scrutiny over Centralized Exchanges (CEX) by regulators in recent months, even highlighting a case from Coinbase that resulted in employees facing prison for insider trading.
Listings on CEXs are well known to be catalysts of positive price action. Sometimes called the “Coinbase Effect,” small projects often experience a sharp rise in price as demand increases from the listing.
In mid-January, Binance CoFounder, He Yi, confirmed that all Binance employees are subject to a 90-day hold on any investments made. Binance’s leaders must also report all trades every quarter.
Binance positions itself as the world’s leading blockchain ecosystem and crypto-asset infrastructure provider with a financial product suite that includes the largest digital asset exchange by volume. The Binance platform aims to increase the freedom of money for users and features a comprehensive portfolio of crypto-asset products and offerings, including trading and finance, education, data and research, social good, investment and incubation, decentralization, and infrastructure solutions.
Related News
Latest News
April 19, 2024
Michael Saylor Capitalizes on MicroStrategy Stock Surge, Sells $370M $MSTR
April 19, 2024
Hedgey Finance Reportedly Suffers $44.7M Exploit
April 19, 2024
US SEC Escalates Legal Battle Against Justin Sun with Amended Lawsuit
April 17, 2024
What is Binance Megadrop?
April 17, 2024
Binance Prepares for Return to India After Paying $2M Fine
April 17, 2024
Aptos Announces Strategic Partnerships With Microsoft, Brevan Howard and More
April 16, 2024
What is Merlin Layer-2 Chain?
April 16, 2024
Bernstein Doubles Down on Bold Bitcoin Price Prediction
More News