Analysts at the Argus consulting agency believe that Binance, FTX and Coinbase employees make money on classified information about the listing of cryptocurrencies.
Argus introduced a report stating that the study of the activity of some cryptocurrency wallets showed that their owners can use insider information.
The authors of the report claim that wallet holders purchased digital assets days before they were listed on trading platforms. After listing, they immediately sold assets and earned large sums of money from these manipulations.
According to the researchers, in August, one of the owners of the wallet purchased the Gnosis cryptocurrency in the amount of $360,000. Seven days later, the Binance trading platform announced the placement of the cryptocurrency. Information about the listing of Gnosis on the exchange raised the price of the digital asset by eight times.
Literally four minutes after the announcement, the owner of the aforementioned wallet began selling cryptocurrency and completely got rid of the asset in 24 hours. Cryptocurrency manipulation allowed the owner of the wallet to earn $500,000 ($140,000 net profit). According to Argus analysts, this is not the first time that this wallet address has seen suspicious activity.
Experts claim that a total of 46 wallets with similar activity have been identified. According to analysts, wallet holders purchased cryptocurrencies before placing them on major trading platforms such as Binance, FTX and Coinbase. Argus calculated that the net profit from the sale of assets from these addresses was more than $1.7 million.
In response to a statement by Argus analysts, FTX and Binance announced that their personnel were not involved in the incidents. The platforms claim that employees are prohibited from selling and buying assets based on insider information.
Recall that this month, US Securities Commission (SEC) Chairman Gary Gensler said that crypto exchanges often play against their clients.
Source: Bits
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