Why is Coinbase, while its transparency drives, being accused of Insider trading, again?

Coinbase

Recently the cryptocurrency exchange Coinbase said to disclose the listing projects to boost transparency in the ecosystem

The biggest cryptocurrency exchange in America, Coinbase, has announced in a blog published on 11th April. It mentioned 50 altcoins that the exchange has under consideration for its next listing between 1st April to 30th June. The crypto exchanges its goal by trying to increase transparency to provide information symmetry as much as possible. 

After the announcement of such noble steps for a good cause, some hoped increasing transparency would drive investors’ confidence in a fair listing system of assets, but it didn’t go as planned for long. In a short time period of publishing the announcement article by Coinbase, a crypto influencer Cobie announced that it had discovered a wallet having hundreds of thousands of dollars worth of named assets. 

Crypto influencer went on to say that the assets in the wallet had been purchased just 24 hours before going live of the Coinbase article. Taking it sarcastically, Cobie wrote on his Twitter post on 12th April about finding an address belonging to ETH wallet with the purchase of hundreds of thousands of dollars worth of tokens that featured exclusively in the asset listing post of Coinbase 24 hours before it officially went public. 

Later the detail came out which told the account had purchased tokens Indexed (NDX), DappRadar (RADAR), RAC (RAC), Kromatika (KROM), DFX Token (DFX) and Paper (PAPER) worth of approx $400,000. The value of these tokens presumably increased since the announcement. 

Frontrunning or insider trading in the traditional stock market is considered illegal malpractice and hence banned. But there’s no such notion in the Crypto space related to frontrunning. Although a silent convention makes people stop doing so, there are so many incidents in space full of such instances. 

Coinbase has also not been blamed for the first time for such, no matter its the first time for the crypto exchange to publish the releasing names list of its cryptocurrencies under consideration. In February, an incident happened similar to what happened currently before the listing of Aventus (AVT) and Pawtocol (UPI). At the time, a new wallet was created and then about a seven-figure sum of tokens was allocated to the address even before the listing announcement was officially made. 

  • Author
  • Recent Posts

Nancy J. Allen

Latest posts by Nancy J. Allen (see all)

Download our App for getting faster updates at your fingertips.

en_badge_web_generic.b07819ff-300x116-1

Top Rated Trading Platforms

EagleFX

Top Rated Cryptocurrency Exchange

EagleFX

Source: Why is Coinbase, while its transparency drives, being accused of Insider trading, again?

 29 readers,  1 today

Why is Coinbase, while its transparency drives, being accused of Insider trading, again? - Click To Share

Other recent press releases

*This is a free press release. All upgraded press releases are ad-free!

Several Members of Congress Want to Block Amazon’s Acquisition of iRobot

Several members of the U.S. Congress issued a letter to the Federal Trade Commission (FTC) over the announced acquisition of iRobot Corporation by Amazon.com Inc. Here’s why the lawmakers have concerns over the purchase. What Happened A letter recommending the FTC reject the planned acquisition of iRobot by Amazon.com was signed by some members of

 33 readers,  33 today

ESPN, ACC, SEC And Other Disney Channels Gone From DISH Network

Photo by Kevin Abele/Icon Sportswire via Getty Images.Icon Sportswire via Getty Images In a bold move, the Walt Disney DIS Company forced Charlie Ergen’s DISH Network DISH and Sling TV to pull down the signals of all of its cable networks, including ESPN ACC Network, SEC Network and a number of ABC Television stations. Typically

 25 readers,  25 today

Sweden Spellbinds Travelers With New Chilling Audio Story

The vast forests of Sweden possess both beauty and tranquility – but also drama and mystique. Sweden invites travelers to discover the country’s myth-filled forest in a spellbinding audio story written by internationally renowned author John Ajivde Lindqvist, only available in the Swedish forest. Through the short story, visitors receive an immersive experience of the

 43 readers,  43 today