User earned over $ 100,000 in a few hours by purchasing a little-known cryptocurrency on Binance

The cryptocurrency exchange Binance has once again been suspected of insider trading — all because of the profit of an unknown user. The anonymous trader managed to earn more than $ 100,000 by purchasing a little-known token on the eve of its listing on Binance.

According to Lookonchain analysts, an unknown trader with the blockchain address 0xaab3cb57fbec547207137fa998ea8d09ece606e6 bought Gains Network (GNS) tokens for a total of $ 208,335. Immediately after the listing of the digital asset on Binance, the price of the altcoin jumped by almost 70%. The trader sold 26,881 GNS tokens for $ 315,082.

A smart money bought 26,881 $GNS at a cost of $ 208,335 before #Binance announcement of listing $GNS.

Then sold 26,881 $GNS and got $ 315,082.

This guy made $ 106,747 in a few hours!https://t.co/B5gTvWwAN5 pic.twitter.com/f7G0yyIMPm

— Lookonchain (@lookonchain) February 17, 2023

The transaction history of the address on PolygonScan shows that the user started actively buying GNS back in January, but the listing on Binance became known only on February 17. Moreover, the trader did not buy other tokens at all, focusing exclusively on GNS.

This is not the first time that members of the cryptocurrency community have noticed signs of insider trading on Binance. In late January, an unknown trader bought more than $ 170,000 worth of RPL tokens on Binance, 10 minutes before the platform announced the listing of this digital asset.