Someone bought Millions of Tokens before Coinbase Listing Announcement post

Key Takeaways:

  • An ETH Address owner buys unlisted tokens from Coinbase.
  • Some users are anticipating that it is an insider’s job. 

‘Cobie’ on Twitter has shared that he has found an ETH address that has bought hundreds of thousands of dollars of tokens. The tokens bought were yet to be listed. That is why there is a possibility that it was an insider job. 

On April 12, Coinbase, a cryptocurrency trading platform, announced that it is publishing a blog to share the tokens to be listed in Q2 of 2022 i.e. from April 1st, 2022 to June 30th, 2022. It is also mentioned that “Transfers and trading are not supported for these or any other assets until a listing is officially announced”. However, the motive of the platform to increase transparency has been destroyed as someone bought 500 million tokens 24 hours before it was officially listed. 

There is a possibility that the owner will dump the tokens at an escalated price after the listing and yield a huge profit. However, this is unfair to other customers of the platform. However, there was no uprising from other users’ end and most of them were expecting it. Some are suggesting that it is probable that Coinbase did this on purpose and it will be hard to track this down. 

Other comments read, “Being that Coinbase is a public traded company, this is potential jail time. It only takes a few people to be made example of soon.” Some users are suggesting remedies to the situation as well. But, Coinbase is yet to comment on the same. 

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Shreya Bhattacharya

A journalist & writer exploring new topics every day!