An ETH trader bought $400,000 worth of tokens on a Coinbase shortlist before going public, and those tokens all surged 42% in price, so let’s read more in today’s Ethereum news.

Hours after Coinbase published a blog post revealing the latest tokens being considered for listing on the exchange, crypto Twitter flagged that traded ETH had bought $400,000 in tokens on the list. The problem is that the user controls the wallet and tradign activity, which is publicly viewable on the ETH blockchain, and ended the token-shopping spree three minutes before the listing was published.

The trader appears to have focused on tokens being considered for listing on Coinbase and suggested advanced knowledge of the list before it was released. The tokens bought by the wallet are worth more than $572,000, which is a 42% return in less than a day. Coinbase had to acknowledge the unusual trading on one of its Twitter accounts but has not yet responded to a request for comment.

Coinbase Medium’s blog post announced the new token list, which went online on April 11. On Tuesday morning, Jordan Fish, a former product manager who goes by the name Cobie on Twitter, tagged the ETH wallet that had bought six of the tokens mentioned in the Coinbase vlog post before it was published. He added a screenshot showing the big buys of Indexed, Kromatika, Dapprdar and DFX tokens:

“Found an ETH address buying hundreds of thousands of dollars worth of tokens exclusively featured in the Coinbase asset listings post about 24 hours before its publication.”

In the 11 hours, the wallet spent $88,942 buying KROM, $72,299 RADAR, $70,635 RAC, $80,023 DFX and $27,309 PAPER. Just considering being listed on the Coinbase crypto exchange is enough to see the price of the tokens increase by as much as 60%. Since the Coinbase blog post went live, the price of each token has increased dramatically, with Kromatika up 40%, Dappardar up 53%, Paper up 63%, and Index up 43%.

Coinbase increases transparency, Coinbase Cancelled, Lend, sec, Agency, Exchange

It must be reiterated that the tokens have not been made available on the Coinbase exchange and may not be available. At the moment they are being considered for listing and the blog post goes on to warn users to try to add the tokens to their Coinbase account before the official listing could suffer a monetary loss. They joked that the Coinbase exchange hired Nate Chastain, who is a former head of OpenSea’s product, and resigned after allegations he used insider knowledge to push NFTs before the listing was made public.

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