Binance, the world's largest cryptocurrency exchange, announced earlier today that it has launched two new Solana (SOL)-based$SOL
announced that it has listed memecoin. While this listing by Binance led to huge price increases in the two altcoins in question, allegations of a possible insider trading scandal behind one of them came to the fore.
DeFi research group Definalist has announced that it has detected a suspicious insider wallet ahead of the listing of Peanut the Squirrel (PNUT) token on Binance. According to the group, a Solana wallet suspected to be an insider acted prominently prior to the listing of the PNUT token on Binance.
Definalist reported that the Solana wallet named “22JYebQtQSLchTXiRJVCx7hpPamN1YzLJKHET52S6eBm” was identified as the wallet with suspected insider trading. Researchers noted that they were looking into previous purchases and transactions that could be linked to this wallet’s Binance listing.
Definalist, referring to a post by Lookonchain, stated that the wallets that purchased PNUT and ACT tokens after the Binance listing belonged to them, but that these purchases were completely legal and legitimate. However, the group stated that they scanned wallets with suspected insider trading before the listing and focused on 5 different wallets during this process. As a result, they reached a strong finding that one of the suspicious wallets, "22JYebQtQSLchTXiRJVCx7hpPamN1YzLJKHET52S6eBm", made transactions with insider information before the PNUT token was listed on Binance.
The PNUT token has surged by over 200% since its Binance listing and is trading at $0.379 at press time, further drawing attention to the insider trading allegations.