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The investor sold his RPL 10 minutes after the listing announcement and scooped $55,397 in profit.
Cover art/illustration via CryptoSlate
A mysterious wallet purchased 6193.46 Rocket Pool (RPL) tokens 10 minutes before Binance announced the token’s listing, according to Wu Blockchain.
Ten minutes after Binance’s announcement, the investor sold all RPL tokens and collected $55,397 in profit.
The investor used Uniswap and swapped 190,000 Tether (USDT) for 190,024 USD Coin (USDC) first. They subsequently exchanged all the USDC for 119.79 Ethereum (ETH), which he used to purchase 5,883.9 RPL. After that, the investor exchanged another 10,000 USDT for 6.302 ETH and bought an additional 209.49 RPL with it.
After waiting for 24 minutes, the mysterious trader went back to Uniswap and exchanged all the RPL tokens he held for 162.06 ETH, which he then exchanged for 255,397 USDT immediately. The USDT and ETH used by the anonymous trader came from OXS, as Wu Blockchain states.
Within this 24 minutes, leading crypto exchange Binance announced that it is listing RPL in the innovation zone and will open trading pairs on Jan 18, 2023.
As a result of the announcement, RPL surged by 32.2%, increasing from $31.96 to as high as $42.26. The token is being traded for around $35.84 at the time of writing.
The perfect timing of the RPL trade led the community to question if this was insider trading or just investors’ luck.
Zeynep is an academic who turned to crypto in 2018. Originating in social sciences, she is especially interested in the social impact of blockchain and cryptocurrencies and strongly believes in their transmuting power.
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Rocket Pool is a decentralised Ethereum Proof of Stake pool designed to be compatible with Casper.
USD Coin (USDC) is a stablecoin fully backed by the US dollar and developed by the CENTRE consortium.
Launched in 2014, Tether is a blockchain-enabled platform designed to facilitate the use of fiat currencies in a digital manner.
Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies.
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