3/26/2023 0 Comments Osmos coin![]() ![]() Binance Proves That the Suspected OSMO Purchase Is Legitimate Furthermore, Binance revealed that the address that made the huge purchase still holds OSMO but made the initial purchase back in Nov 2021. Binance explained.Īnalysing the trade in question with screenshots, Binance stated that the process involved trading from USDC to OSMO to ATOM. “We found that a large amount of OSMO was bought ~1 day before the listing, but all tokens were quickly traded for ATOM before it was announced that OSMO would be listed on Binance”. Reacting to WuBlockchain’s accusations, Binance stated that its global security team “immediately launched an internal investigation and concluded that the data presented on the Osmosis blockchain explorer was misinterpreted.” However, Binance has provided clarity on the large purchase stating that the transaction was misinterpreted and that the tokens were traded for ATOM before Binance’s listing. ![]() Due to the spike in price, the address in question garnered about $2.7 Million in gains, a rather suspicious amount. Within three hours of the listing, OSMO surged by 29%, yielding about 25% rewards for traders. The term “front-running” in crypto refers to a process whereby someone uses technology or market advantage to get prior knowledge of upcoming transactions and exploits the information to make trading profits.īarely 24 hours before Binance announced the listing of its new trading token Osmosis (OSMO), an unknown wallet address purchased 2,029,846 OSMO tokens triggering concerns of a likely crypto insider trading. However, Binance has now come out to provide a detailed response to WuBlockchain’s allegations, stating that it “always takes these sorts of accusations from the community seriously”. “One day before Binance announced the listing of OSMO, an address (osmo19muml8sjpnecnm8geul4l3zfju24l04mpuppy7) bought 2,029,846 OSMOs at $1.34, sparking discussions about “insider trading”.Īt the time of the tweet, Binance responded that it was investigating the situation. On the 28th of October, WuBlockchain tweeted: Last week, the popular crypto reporting platform WuBlockchain released a tweet suggesting that the OSMO listing on Binance may have been front-run due to insider trading. In a recent thread on Twitter today, 31st of October, Binance refuted the allegations of front-running its OSMO listing. Global leading blockchain ecosystem and digital asset exchange, Binance has taken to its Twitter page to debunk accusations related to the OSMO listing by WuBlockchain. ![]()
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