- An ETH wallet that made significant purchases of tokens and sent them to Coinbase.
- Many questioned the integrity of the exchange’s listings.
On several occasions, Coinbase has shown that its listings significantly impact the market. Several examples of tokens listed on the platform generate big profits. Others, however, questioned the integrity of the exchange’s listings and backed the narrative advanced by those who sided with them. Since last week, the exchange has accepted several cryptocurrencies. However, others disputed this claim because most of the assets were reported to be fraudulent ventures.
Several digital assets have been listed on Coinbase, a US-based crypto exchange, in a blog post emphasizing the move towards more openness. However, after Cobie, a well-known member of the crypto Twitter community, revealed the listings, things took a new direction. After discovering an ETH wallet that made significant purchases of tokens and sent them to Coinbase less than 24 hours later, Cobie took to Twitter.
Found an ETH address that bought hundreds of thousands of dollars of tokens exclusively featured in the Coinbase Asset Listing post about 24 hours before it was published, rofl pic.twitter.com/5QlVTjl0Jp
— Cobie (@cobie) April 12, 2022
Mere Coincidence or Insider Trading
Even though this may have been dismissed as a mere coincidence, the user had only acquired tokens that Coinbase had previously identified as interesting. People began to suspect Coinbase of insider trading after seeing its public trading history.
Someone made a fresh wallet and front ran 7 figures into $UPI and $AVT before the @Coinbase announcement of listings.
— Crypto Max (@ScruFFuR) February 8, 2022
Makes sense now.
Clear insider trading going on behind the Coinbase doors.$UPI Txns: https://t.co/qP9cyB9UAT
Actual Wallet: https://t.co/bi2AulZg7d
Indexed [NDX], Kromatika [KROM], DappRadar [RADAR], RAC [RAC], DFX Token [DFX], and Paper [PAPER] were among the assets acquired by the wallet. The user spent at least $20k on PAPER and at least $88k on KROM.
A rush of identical tweets bolstered this claim of Coinbase insider trading, which Twitter users started to flood with. Another user had discovered additional coins. Before the disclosure, a linked address was said to have acquired XYO, FOX, and RGT.
