Two traders made over $200k from Binance’s Gain Network listing Two traders made over $200k from Binance’s Gain Network listing
Binance CEO Chief Strategy Officer Patrick Hillman said the exchange has zero-tolerance policy for insider trading.
1 min read
Updated: Feb. 17, 2023 at 5:35 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Blockchain investigator Lookonchain identified two crypto addresses that cumulatively made over $200,000 from Gains Network’s GNS token sales after it was listed on Binance.
Lookonchain said the first address bought 26,881 GNS tokens on 1Inch swap for $208,335 and sold it for a profit of $106,747 within a few hours after it was listed on Binance.
Another wallet accumulated $500,000 worth of GNS at an average price of $7.38. The wallet had started buying on Feb. 8 and had purchased more tokens 20 minutes before Binance’s announcement.
This wallet reportedly sold over 11,000 GNS tokens for $125,975 after the announcement, according to Lookonchain.
The transactions have drawn various reactions from community members who alleged that the traders had inside information.
Binance was yet to respond to CryptoSlate’s request for comment as of press time.
Binance has a strict insider trading policy
Meanwhile, Binance has repeatedly stated that it has a strict policy towards insider trading.
Binance’s Chief Strategy Officer Patrick Hillman said the exchange has “an internal security team that monitors multiple platforms for possible employee trading activity, and it is a zero-tolerance policy.”
The statement further corroborates a previous one made by the exchange’s co-founder, He Yi. Yi said Binance employees aren’t “allowed to conduct personal short-term cryptocurrency transactions.” Yi added that the exchange workers, regardless of level, must hold their trading positions for at least 90 days before selling.
Binance CEO Changpeng Zhao has also repeatedly said the exchange would blacklist any project that says it would be listed on the platform.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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Binance
Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies.
Changpeng Zhao, popularly known as “CZ,” is a notable figure in the cryptocurrency world, primarily for founding and leading Binance, the world’s leading cryptocurrency exchange by trading volume.