“Insider” Suspicion on This Altcoin: Big Whales Get Moving

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Bitcoinsistemi2024/09/06 21:36

By:Mete Demiralp

There are some insider trading suspicions in the altcoin that Binance recently listed in futures.

Although cryptocurrency exchange Binance has not yet launched NEIRO spot trading on its platform, it announced earlier today that it plans to launch a NEIRO/ETH/USDT perpetual contract with up to 75x leverage.

This announcement comes as the NEIRO token faces increased scrutiny over allegations of insider trading.

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Blockchain analytics platform Bubblemaps recently revealed that 78% of NEIRO tokens were previously allocated to insiders, who transferred the tokens to over 400 different wallet addresses. This insider group sold approximately $9 million worth of NEIRO tokens by August 28, raising concerns about market manipulation and insider trading.

Adding to the controversy, blockchain tracking service Lookonchain reported that shortly after Binance’s announcement, a whale with $5.2 million in assets spent $3 million to purchase 17.5 million NEIRO tokens. The purchase made the whale the largest individual holder of NEIRO, further fueling concerns about market concentration and the influence of large holders.

*This is not investment advice.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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