Suspicious Transactions by a Cryptocurrency Whale

Recent on-chain data has revealed questionable transactions carried out by a wallet suspected to belong to an 'insider' investor in an alternative cryptocurrency (altcoin).

The data indicates that a significant cryptocurrency holder identified by the short address 0x85f initiated the accumulation of BEAM, an altcoin, just before its listing on Upbit, a prominent cryptocurrency exchange. The whale swiftly sold the acquired tokens amidst a surge in prices following the listing.

Of particular interest are the activities of this cryptocurrency whale in the past three days. It came to attention that the whale established the wallet a mere three days ago and transferred 750 thousand USDT and 90.34 Ethereum from Coinbase. Subsequently, these funds were used to acquire BEAM tokens valued at $911,000 at an average price of $0.028 on May 28 and 29.

Following the sharp 20% price increase post the BEAM/KRW listing on Upbit, the whale offloaded the tokens at a price of $0.3407. Currently, the whale holds BEAM tokens worth $844,000.

The timing of the wallet's substantial purchase just before the Upbit listing has raised suspicions of insider trading. The term 'insider' typically refers to investors who possess advance knowledge of an upcoming event or transaction and trade based on this privileged information.

Note: This content is not intended as investment advice.

The chart portrays the regions where the Whale wallet engaged in buying and selling activities post the Upbit listing.

The clandestine nature of the wallet's actions prior to the Upbit listing has cast doubts on its legitimacy, hinting at the possibility of insider involvement. Such occurrences underscore the importance of transparency and fairness in the cryptocurrency market.