Coinbase Is Being Accused Of Insider Trading. What Is Happening?
The largest US crypto exchange Coinbase dropped a list of 50 tokens that might be listed in Q2 2022 yesterday. The list included 45 ERC-20 tokens on the Ethereum (ETH) and five SPL tokens on the Solana (SOL). Coinbase has previously proved that its listings have a significant impact on the market. Tokens that have been listed on the exchange have consistently grown, their prices gained time and time.
However, the issue of the latest tokens list has fueled many argumentative conversations in the Twitter crypto community. A few crypto enthusiasts on Twitter realized that the exchange’s listings had begun to lose credibility.
Many tokens in Coinbase’s list make the crypto community raise eyebrows when they first heard, such as Honey (HONEY), Index Cooperative (INDEX), Jupiter (JUP), Kromatika (KROM), Student Coin (STC),… or the case of a seemingly “dead” project like Big Data Protocol (BDP).
Cobie, a well-known crypto celebrity, exposed an ETH address that purchased hundreds of thousands of dollars worth of tokens featured on the Coinbase list just 24 hours before it was released. As a result, the public began to suspect Coinbase of participating in insider trading.
Indexed [NDX], Kromatika [KROM], DappRadar [RADAR], RAC [RAC], DFX Token [DFX], and Paper [PAPER] were among the assets purchased by the wallet. The user spent a total of $88k on KROM and $20k on PAPER.
The majority of the assets acquired by this address were on the increase. Following the Coinbase listing, the assets increased by about 30-40%. This ETH wallet is said to have received the maximum benefits from the listing.
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