Wall Street Journal: Investors Are Using Insider Information to Buy Crypto

A group of unknown investors have made significant profits using insider information about upcoming listings on Binance, Coinbase and FTX, The Wall Street Journal has reported.

Analytical company Argus has discovered 46 digital wallets that purchased Gnosis (GNO) tokens for a total of $17.3 million in August 2021. Immediately after listing on popular trading platforms, they sold the assets, generating decent income. According to Argus:

“Profits from token transactions that are visible on the blockchain amounted to more than $1.7 million. However, their actual revenues are likely to be much higher, as some of the assets were transferred from wallets to exchanges and not directly exchanged for stablecoins.”

Just as an example, one of the addresses invested $360,000 in GNO six days before the token was listed on Binance. After being listed on the exchange, the price of the asset soared. After that, the investor sold the assets and received a profit of about $140,000.