In a stunning display of market savvy, an anonymous wallet address made a profit of $55.4K in just 20 minutes by buying 6193.46 RPL tokens before Binance, the largest crypto exchange, announced their listing and selling them immediately after.
According to Web3 Knowledge Graph Protocol, 0xscope, the USDT, and ETH used for the transaction were sourced from OKX, a cryptocurrency exchange. This incident highlights the potential for quick profits in the fast-paced world of cryptocurrency trading.
Binance RPL Token Listing
Binance, one of the leading crypto exchanges, announced on January 17th that it would list Rocket Pool (RPL) in its Innovation Zone, allowing traders to access the latest technology in the crypto market. The exchange said in its post that it will open trading for RPL/BTC, RPL/BUSD, and RPL/USDT spot trading pairs from today.
It also stated that users can now start depositing RPL in preparation for trading, and withdrawals for RPL will open on January 19th at 8:00 UTC. The listing fee for RPL is 0 BNB.
In addition, Binance will also add RPL as a new borrowable asset on an Isolated Margin, with the new pairs RPL/BUSD and RPL/USDT within 48 hours from today, enabling traders to access the latest innovation in the crypto market and trade and margin trade on RPL.
Rocket Pool (RPL) is a decentralized staking solution for Ethereum that offers liquidity and control to stakers. It connects stakers to professional, smart node operators who pool their ETH for staking and rewards them with rETH for maintaining control over their tokens. RPL is the token that is needed to operate a node and is also used for governance on the network.
However, the cryptocurrency community was divided over the recent incident. While some deemed it as insider trading, others believed it to be a stroke of luck. However, according to DefiSquared comment, this incident may be part of a larger pattern of insider trading within Binance.
The same address reportedly received $200k from a hidden source two months ago and then made a similar trade 30 seconds before Binance’s official listing announcement. DefiSquared also pointed out that the transaction had a poor slippage tolerance set, resulting in the wallet losing nearly 7 ETH, significantly reducing its profits.
Nevertheless, this raises serious concerns about the integrity of Binance’s trading practices and calls into question the prevalence of insider trading in the crypto industry.
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