• Ubaidali posted an update 1 year, 3 months ago

    The Growing Concern About Crypto Insiders and Binance Listings

    Cryptocurrency insider trading has become one of the most pressing concerns in the cryptocurrency ecosystem. The recent conviction of an ex-Coinbase manager’s brother for insider trading was believed to be the first involving cryptocurrencies.

    In light of this, a director at Coinbase, Conor Grogan, took to Twitter to flag the transaction activity of a few anonymous wallets over the past 18 months. These wallets allegedly bought multiple unlisted tokens minutes before their Binance listings and dumped them immediately after the announcement.
    1. Conor Grogan

    Cryptocurrency investors have been growing concerned about the increasing prevalence of crypto insider trading, which is a manipulative trading strategy that involves buying tokens with the intention of boosting their price as they are listed on a centralized exchange (CEX). This type of front-running was largely ignored by regulatory authorities, but has come under scrutiny in recent months as a result of the conviction of an ex-Coinbase employee’s brother for front-running charges.

    Recently, Conor Grogan, director of Coinbase, took to Twitter to draw attention to the alleged activity of anonymous wallets that were connected to a number of CEX listings. According to him, the anonymous wallets acted in a suspicious manner by purchasing large amounts of various tokens seconds before their Binance listing announcement and dumping them minutes later, resulting in massive profits.

    During the course of his tweets, he shared a few examples that demonstrate this behavior, including instances where a wallet purchased $900,000 worth of Rari tokens seconds before Binance’s listing announcement and sold them for a profit minutes later. Another example included a wallet that bought 78,000 ERN tokens between June 17 and 21 and then sold them for a $100,000 profit immediately after the listing announcement was made.

    Grogan also highlighted a pattern of rogue traders who allegedly bought RAMP tokens in advance of Binance’s listing, only to dump the tokens moments after it was listed on the exchange. These tokens were initially priced at 0xaf, but the owner of these tokens jumped in and purchased them for an extra $100k as soon as the announcement was made.

    While the evidence cited by Grogan seems egregious, it’s not the first time that a major exchange has been accused of front-running tokens on its platform. In fact, Coinbase has been under a lot of fire in recent years for allowing one of its employees to conduct front-running trades on the exchange.

    While there’s no evidence that Binance has any involvement in these alleged token front-running activities, this issue is likely to raise more eyebrows with regulators and cause even more questions to be asked about the integrity of Binance’s exchange. This could eventually affect the way regulators approach the regulation of cryptocurrencies and how they treat CEXs in particular.
    2. Anonymous wallets

    An anonymous wallet is a software program that allows users to store, send and receive cryptocurrencies without revealing their identity. These wallets are available for a variety of currencies and can be used to make online transactions. They also offer security features, such as IP address obfuscation and VPN masking support.

    An anonymous crypto wallet is an important tool for people looking to keep their private information secure. It can help users avoid being hacked by hackers who are trying to steal their personal information. There are a few factors that people should consider when choosing an anonymous crypto wallet:

    A good wallet should have strong encryption and secure transaction protocols. It should also have multiple addresses that can be used for receiving and sending cryptocurrencies. It should be easy to use and provide users with an array of features.

    Another thing to look for in an anonymous crypto wallet is the ability to create addresses that are unique to each user. This can ensure that no one can easily trace the owner of a specific address.

    Using a Bitcoin wallet that is compatible with an exchange that has KYC is one of the most important steps that you can take to protect your crypto assets. You can’t always be sure that an exchange will not share your information with other parties, so it’s best to avoid exchanges that require you to fill out an ID verification form or pass a background check.

    While cryptocurrency was initially about peer-to-peer transactions, the emergence of centralized exchanges has posed an issue. Centralized exchanges can link transactions to your identity, and they can provide this information to law enforcement or government officials.

    This is why some crypto insiders have turned to anonymous wallets in an effort to remain untraceable. In addition to being free, these wallets can be customized based on specific requirements.

    For example, a crypto insider who wants to purchase tokens before they are listed on exchanges can use an anonymous cryptocurrency wallet to avoid being caught. This is a common practice among crypto whales who move markets single-handedly and want to ensure that their investments aren’t impacted by large amounts of sell pressure.
    3. RAMP

    Ramp is a fast-growing fintech startup that provides business clients with corporate credit cards and financial tools for paying bills, making accounting integrations, and managing expenses. It’s a relatively new startup that has only been around for a few years, but it’s already managed to raise over $1.4 billion in eight rounds of funding.

    The company has a talent-factory approach to the business, which focuses on developing employees with skills and experience that it can sell to other companies. It’s a model that’s worked for Ramp and other startups in the payments space, such as Brex.

    In the latest round of funding, Ramp has raised $10.1 million in seed capital from investors including NFX and Galaxy Digital, as well as returning investors Seedcamp, firstminute Capital and Fabric Ventures. It also has the backing of former Coinbase CTO Balaji Srinivasan and Dapper Labs founder Roham Gharegozlou.

    Ramp, which brand itself as the “PayPal for crypto,” says it is designed to enable developers to offer users access to crypto transactions without needing to integrate with exchanges. The platform uses a software development kit, which can be integrated into any app, so that users can make payments in crypto without having to leave it.

    Eric Glyman, cofounder and CEO of Ramp, told us that one key to his business’s success is its focus on streamlining the user experience. He explained to us that a lot of the services businesses need are often thought of as too difficult to switch to new systems, which is why his team works hard to improve the experience and reduce the time and hassle required for users to get up and running.

    As a result, Ramp has become the go-to provider of corporate credit cards and related finance tools for companies of all sizes, with hundreds of clients in industries such as financial services, retail, and telecommunications. The company offers white Visa cards that have no fees, and the service also lets clients set spending limits and create multiple cards.

    It also allows companies to pay vendors in record time and automate finance tedium. Its savings insights, pricing intelligence, and expert negotiators save millions of dollars for thousands of businesses every year.
    4. GNO

    Cryptocurrency insider trading is a growing concern in the industry, and has been highlighted by recent news. Conor Grogan, the Director of Coinbase, recently tweeted about a series of wallet transactions that have been linked to Binance listings.

    These transactions were made by connected wallets that purchased tokens seconds before their listing on Binance and then sold them shortly after the announcement. This was also observed with ERN, Rari, TORN, and RAMP.

    Grogan explained that these wallets were connected to individuals or groups of traders who had access to privileged information. The trades were made for a significant profit and they likely helped boost the price of these tokens, which is a problem for many exchanges.

    In addition, these transactions are a violation of the Binance Code of Conduct, which prohibits insider trading. In response to these allegations, Changpeng Zhao, the founder of Binance, stated that he has zero tolerance for insider trading and is investigating the issue.

    Another important factor that makes these transactions so suspicious is that the wallets bought tokens in large volumes and then sold them immediately after Binance listed them. This is considered front-running, and it can lead to large profits for these traders.

    Moreover, these transactions are occurring with the exact dates and times of the listing events, which is a clear indication that these wallets have access to privileged information about the coins. This has a negative impact on the integrity of the exchange.

    Finally, these transactions are a big problem because they can give traders a false impression about the legitimacy of a project. It can also lead to a false sense of security, which can cause investors to buy a currency that might be worthless in the long run.

    GNO is a cryptocurrency that is based on the Gnosis platform. The Gnosis ecosystem is designed to promote inclusion and belonging, growth, self-determination, support, meaningful social opportunities, and connections. It also seeks to offer a variety of services such as prediction markets, decentralized oracles, and smart contracts. Whether the platform succeeds will depend on how users interact with it and how the network is governed. 鏈 新聞