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Insider Trading? Unknown Address Purchased 2M+ OSMO a Day Before Binance Listing

Was that a coincidence that an address bought millions of Osmosis before Binance listing?

Insider trading concerns emerged as an unknown address amassed over 2 million Osmosis (OSMO) tokens barely 24 hours before Binance announced listing the asset.

Fresh concerns of crypto insider trading have emerged as an unknown wallet address purchased 2,029,846 OSMO tokens barely 24 hours before Binance’s announcement to list the asset. Chinese reporter Colin Wu reported the development Friday, as several proponents begin to point fingers.

‘One day before Binance announced the listing of OSMO, an address (osmo19muml8sjpnecnm8geul4l3zfju24l04mpuppy7) bought 2,029,846 Osmos at $1.34, sparking discussions about “insider trading,”‘ Wu noted.

The Osmosis address osmo19muml8sjpnecnm8geul4l3zfju24l04mpuppy7 purchased a cumulative amount of 2,029,846 OSMO tokens at an average price of $1.34 just before Binance’s announcement. The total purchase was approximately worth $2,719,993.

A few hours after the purchase, Binance released a statement early on Friday, declaring an interest in listing the asset in the Innovation Zone. An hour following Binance’s announcement, the asset surged by 29% within 3 hours to a peak of $1.73 before facing a slight retracement.

Data from the Osmosis chain explorer reveals that the address in question currently has a cumulative value of $5.3M, with an OSMO balance of 1.7M tokens worth $2.7M as of press time. 243K OSMO tokens have been delegated, with 1.5M tokens currently unbounded.

According to Wu, Binance has begun investigating the matter, as revealed by the exchange. Binance prides itself on providing the community with transparency. Consequently, the platform must consider the concerns raised to maintain its good image.

Cases of insider trading within the cryptocurrency community have been minimal due in large part to the infancy of the industry. On June 1, the U.S. Department of Justice charged a former OpenSea executive Nate Chastian with a scheme to commit NFT insider trading. OpenSea fired Chastian following reports of the top exec’s insider trading schemes.

A month later, the DoJ filed charges against three individuals, including ex-Coinbase employee Ishan Wahi, on insider trading. As The Crypto Basicreported shortly after the charges, lawyer John Deaton mentioned that he sees the SEC going after Coinbase following the charges brought on Wahi.

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