Anonymous Trader Bought $400K in Tokens worth $572K on Coinbase

Before Coinbase made the data accessible, an Ethereum wallet purchased tokens that were going to be published there for almost $400,000 in total.

The news isn’t Coinbase’s admission that it’s contemplating adding additional tokens to its platform; rather, it comes from an Ethereum address that Cobie, a well-known cryptocurrency personality, found to have purchased the mentioned tokens 24 hours earlier for about $400,000 in total. Three minutes or so before Coinbase’s statement, the wallet in question finished all of its transactions. The community has grown suspicious because the person exclusively purchased tokens that were going to be listed, even though it is difficult to determine whether they had insider information.

The worth of the tokens increased following the release to the public, which is not unexpected given that the initial listing on Coinbase frequently boosts the token value, if only momentarily. The tokens the account purchased are now worth $572,000 in total.

It purchased NDX for $80,535.75; KROM for $76,834.86; RADAR for $72,107.32; RAC for $60,074.86; and PAPER for $27,049.36. Within the 11-hour window preceding the announcement, all of these transactions took place.

In an intriguing move to stop pump-and-dump tactics, Coinbase lately announced in a blog that “it wants to frequently identify which digital tokens are presently “under evaluation” for inclusion on its network ahead of time.”

An Ethereum wallet that purchased six of the tokens referenced in Coinbase’s blog post just before it came out publicly was detected on Tuesday morning, just before 10 am Eastern, by Jordan Fish, a former product manager who uses the alias Cobie on Twitter and in the larger crypto community.

He included a snapshot that displayed significant transactions of Indexed (NDX), Kromatika (KROM), DappRadar (RADAR), RAC (RAC), DFX Token (DFX), and Paper. “Discovered an ETH location that purchased tens of thousands of dollars worth of tokens solely spotlighted in the Coinbase Asset Listing comment approximately 24 hours before it was printed,” he wrote (PAPER).     

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