Recently, it emerged that some Binance token listing announcements occurred at the same time as a trader’s trades. Basically, a trader, through scalping, bought the GOAT and MOODENG tokens around the same time the exchange announced perpetual contracts for them.
This “same second” trade was reported by Lookonchain and immediately raised suspicions among social media users. There are three possibilities for this event to happen. The first is luck, that is, a fortuitous situation that led the trader to buy two tokens at the same time of listing.
A second possibility is that the trader is really experienced and has his finger on the pulse to anticipate the movements of the exchanges. Although these two are possibilities, they seem quite difficult, especially the first one. A third possibility is that the investor has inside knowledge. In this case, there would have been an insider trading move on Binance, which is completely illegal.
Either way, the trader invested 1,300 SOL in the MOODENG token through Solana’s Jupiter decentralized exchange. Two minutes later, Binance made the announcements of its perpetual contracts and the investor’s bet closed at 2,109 SOL. In this case, the mysterious trader (and alleged insider) achieved a realized profit of $140,000.
A savvy trader has made $140K in less than 20 minutes by monitoring #Binance‘s new Cryptocurrency listings!
In the same second that #Binance announced the listing of the $MOODENG perpetual contract, he spent 1,300 $SOL to buy 2.77M $MOODENG and quickly sold for 2,109 $SOL,… pic.twitter.com/9hvN44IWLa
— Lookonchain (@lookonchain) October 25, 2024
Suspicious movements after Binance announcements
But if a move like the one mentioned above can be passed off as fortuitous, a second one already leaves greater suspicions and that manifests itself on social networks. The matter becomes more intense if it is the same merchant who applies a second simultaneous purchase with a Binance announcement. On Thursday, the same wallet carried out a nearly identical trade with the GOAT token. It is likely that the trader is experienced and had his finger on the trigger on those tokens for several days.
According to Lookonchain, the profits with this second token were a little more modest and amounted to 90 SOL, equivalent to about $17,000. It is not the first time that Binance has received accusations for this practice and on other occasions it has denied the accusations. The company claims to have a strict policy against this and other illegal trade practices.
According to her, she takes fair play in cryptocurrency trading very seriously. So far, the company’s management has not come out to deny this new suspicion against it. It should be remembered that Binance remains the largest and most important company in global digital asset trading.
His prestige and market position are enormous, despite the fact that in 2023 he pleaded guilty to money laundering and other accusations. As a result of the latter, its CEO, Changpeng Zhao, received a prison sentence and was forced to stay away from the company.
Another element that stands out from this news is the dangerous commercial activity in the world of memecoins. The risks of investing capital in these currencies are great, considering that many trading companies allow insiders to take advantage and make huge profits.
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