World’s largest cryptocurrency exchange suspected of illegal fraud

Cryptocurrency exchange Binance has been suspected of insider trading. According to Chinese crypto journalist and blogger Colin Wu, 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.

The anonymous wallet address (0x5f…47db) bought 6193.46 RPL 10 minutes before Binance released the RPL listing announcement, and sold them all 10 minutes after the announcement, making a profit of 55,400 US dollars. The USDT and ETH used are all from OKX.https://t.co/xtrxxQx9BS

— Wu Blockchain (@WuBlockchain) January 18, 2023

As it turned out, a few minutes after the platform’s official announcement of the RPL listing, the user sold all 6193.46 tokens. Due to the sharp jump in the value of the digital asset, the trader managed to earn $ 55,400.

Colin Wu also published the account number from which the transactions were made: 0x5f2c77082F222A51ca761Eab1ce701F4F92347DB. The transfers were made through the OKX exchange.

RPL is a service token of the ERC-20 Rocket Pool, a liquid staking protocol on the Ethereum blockchain. RPL tokens are used to manage PDAO and can be sent to staking by node operators. Binance announced the listing of RPL yesterday, January 18.

At the end of August, three financial researchers from the University of Technology in Sydney, Australia, stated that insider trading is Coinbase-zvynuvachuyut-u-peredchasnomu-rozkrytti-konfidenczijnoyi-informacziyi/">«systemic» in the cryptocurrency industry. The researchers estimated that such activity took place on 25% of Coinbase listings over the past four years.