Recently, Coinbase announced a list of 50 different tokens that they plan to list in 2022. The company said that the goal with this was to maintain transparency with users and prevent pump and dump schemes. However, the surprising fact was that most of these coins were not very popular. There were a lot of small tokens that were not very liquid and had even less than a $1B market cap. This, combined with the fact that before the announcement, large purchases were made in a lot of these tokens, Coinbase is accused of serious insider trading.
Coinbase accused of serious insider trading: Some data
Twitter users started finding out on-chain data on the tokens on the list, and a lot of shady stuff was happening. Alan made a comment that someone from Coinbase made a purchase of $10,000, and it’s now worth more than $612k. Well, one cannot say with 100% certainty that the buyer was a Coinbase insider. However, the chances are high because of the timing of the entire thing.
The Coinbase insider made a purchase ~2 hours ago for about $10,000.
The buy is currently worth $131,000.
Unreal ?
— Alan (@0xAlan_) April 12, 2022
Another popular Twitter influencer Cobie found that an ETH address was buying thousands of dollars of the tokens only present in the Coinbase list. Now that makes it even clearer that Coinbase might be involved in this.
https://twitter.com/cobie/status/1513874972552355846?s=21&t=e9d5EKQ8hH0MLQTe4Ongwg
If this happened for just one token on the list, we could have overlooked it as a coincidence. However, multiple purchases of these small illiquid tokens, which most people have hardly heard about, are serious. Coinbase might not even list them, but if their goal was insider trading, it has been a success for now. Let’s see if the authorities take any steps against Coinbase or at least investigate the matter. We don’t expect much from the SEC, so you never know.
The list of the tokens
ERC-20 tokens on the Ethereum network
- Aleph.im (ALEPH)
- Arcblock (ABT)
- BiFi (BIFI)
- Big Data Protocol (BDP)
- Binance USD (BUSD)
- BitDAO (BIT)
- Botto (BOTTO)
- Chrono.tech (TIME)
- Coin98 (C98)
- DappRadar (RADAR)
- DEXTools (DEXT)
- DFX Finance (DFX)
- Dope Wars Paper (PAPER)
- Drep [new] (DREP)
- Elastos (ELA)
- Gemini USD (GUSD)
- Honey (HNY)
- Hopr Token (HOPR)
- Index Cooperative (INDEX)
- Indexed Finance (NDX)
- Jupiter (JUP)
- Kromatika (KROM)
- LockTrip (LOC)
- MATH (MATH)
- Monavale (MONA)
- Morpheus Labs (MITX)
- mStable Governance Token: Meta (MTA)
- Muse (MUSE)
- Nest Protocol (NEST)
- Opacity (OPCT)
- OpenDAO (SOS)
- PARSIQ (PRQ)
- PolkaFoundry (PKF)
- Polychain Monsters (PMON)
- RAC (RAC)
- SelfKey (KEY)
- StackOS (STACK)
- StaFi (FIS
- Strike (STRK)
- Student Coin (STC)
- SwftCoin (SWFTC)
- Sylo (SYLO)
- TE-Food (TONE)
- UnMarshal (MARSH)
- Wrapped Ampleforth (WAMPL)
SPL tokens on the Solana network
- Apricot Finance (APT)
- Bitspawn (SPWN)
- Green Satoshi Token (GST)
- Media Network (MEDIA)
- Realy (REAL)
I have listed the name of the tokens here, so you guys stay informed and don’t fall prey to a pump and dump scheme. Do you think Coinbase is part of insider trading? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.
Also Read: SEC releases emails related to XRP lawsuit showing corrupt behavior.
