The recent events of bad actors in major exchanges, particularly SBF of FTX.com, have led us to publish the following information on inside traders profiting from tier 1 exchange listings. This research dates to early 2020 and it shows each inside trade. The owners of the wallets are unknown but maybe the exchanges or government regulation agencies can figure it out via subpoenas. For this Medium, we will be looking at a case of Binance inside trading.
There is certain terminology being used in this piece:
Source wallet: a newly funded wallet from exchange that buys a project directly (insider)
Cash out wallet: This is where a follower wallet transfers to another wallet to cash out to exchange (I found a few that use the same cash out wallet repeatedly, that is how I found additional wallets pre buying exchange listings) (could be insider also)
How did we find these source wallets? In one of two ways.
1. We searched all outgoing transactions on Etherscan that were loading up new wallets with eth from various exchanges
2. We found the cash out wallets and connected all the wallets together to find the source and confirm buy cross matching the buy times with announcement times. We searched back in the market history and found these source wallets were the first to buy.
This is not a full list of inside wallets, more will given upon request or future publications. This is just the main culprit that Overlords has tracked.
Source Wallet 1 from OKEX https://etherscan.io/address/0xd23325b0cdd758c0821b64432265080f4ffa0c78
Project one: FXS
When buy: February 9th — February 15th
Binance listing announcement on February 18th : https://www.binance.com/en/support/announcement/binance-will-list-frax-share-fxs-in-the-innovation-zone-c9bc5a0f776c417fa57fa613e24c1b7e
TOTAL BUY: 50.21 ETH TOTAL TRANSFER TO GATE: 96 ETH TOTAL PROFIT: 46 ETH ($82,663 AT THAT TIME)
Project two: MANTRA DAO
When buy: March 8th, 2021
Binance announcement listing on March 8th, 2021: https://www.binance.com/en/support/announcement/binance-will-list-mantra-dao-om-in-the-innovation-zone-8ccb514ecc664a7d93c71ea9eb173905
TOTAL BUY: 20 ETH TOTAL SELL: 27.24 ETH TOTAL PROFIT: 7.24 ETH ($13,756 AT THAT TIME)
Project three: PERP
When buy: March 17–18th
Binance listing announcement on March 19th : https://www.binance.com/en-NZ/support/announcement/binance-will-list-perpetual-protocol-perp-in-the-innovation-zone-1d7f2144fce04615aa78eeb93331adc0
TOTAL BUY: 100 ETH TOTAL SELL: 105.63 ETH TRANSFER TO GATE EXCHANGE: 51.68 ETH TOTAL PROFITS IF DO TRANSFER + SELLS — BUYS = 57.31 ETH ($108,889 VALUE AT THAT TIME)
Project four: DG
This project was bought and sold for an anticipated listing, We notice some other wallets buying and selling it often also. It never listed binance so not sure what happened with DG.
Here is source wallet 1 cash out wallet back to okex: (Overlords sent a transaction to let him know that he was being followed) https://etherscan.io/address/0xd898f5adc10d988681bb3bc3a34d08056c27d332
Source wallet 2 from OKEX: (IT’S THE SAME PERSON AS WALLET 1)- https://etherscan.io/address/0x51e6a43bca0eeae1c818d4539f82bfa2bfd070bf (insider) — Again Overlords sent him a transaction to let him know that we were following him.
First project — UFT
When buy — February 9th — February 20th, 2021
Binance listing announcement: February 23th, 2021 https://www.binance.com/en-ZA/support/announcement/binance-will-list-unilend-uft-in-the-innovation-zone-5e90d04a95994f768f411d08bfbd181e
He starts selling UFT after the announcement: TOTAL BUY: 75.19 ETH TOTAL SELL: 217.07 ETH TOTAL PROFIT: 141.88 ETH ($227,000 value at that time)
Second project — DODO
When buy — February 15th — February 19th
Binance Listing announcement on launchpad for February 18th: https://www.binance.com/en/support/announcement/introducing-dodo-dodo-on-binance-launchpool-farm-dodo-by-staking-bnb-beth-busd-tokens-020710be61de4e259b1420c59b790c2d
These transactions are quite complex. He pre bought the launchpad announcement , sold some , transferred most to another wallet that then transferred to Gate exchange on February 19th. Also till this day leaving some DODO balance in his wallet:
TOTAL BUY: $84,958 USDT TOTAL SELL: $50,976 USDT TRANSFER TO ANOTHER WALLET WHICH HE STILL HOLD SOME (AT TIME VALUE): $79,620 USDT TRANSFER TO ANOTHER WALLET WHICH HE WITHDRAW TO GATE EXCHANGE (AT TIME VALUE): $169,562 USDT if we think of this situation as net profits then transfers to other wallets + total sell — total buy= $215,200 UDST
Third project: TVK
When buy — February 23rd — 24th 2021
Binance listing announcement on February 26th : https://www.binance.com/en-NZ/support/announcement/binance-will-list-terra-virtua-tvk-in-the-innovation-zone-31c14ad157af4daa89bd58633791a6a5
TOTAL BUY: 131.18 ETH TOTAL SELL: 277.71 ETH TOTAL PROFIT: 146.53 ETH ($249,101 at that time)
Fourth project: PHA
When buy — February 24th-25th 2021
Binance listing announcement on February 25th: https://www.binance.com/en-NZ/support/announcement/binance-will-list-phala-network-pha-in-the-innovation-zone-d6baaf7a59d74cb4bcf1d95efd2bf19c
He sold most but he did transfer some to another wallet and transferred out to Huobi Exchange
TOTAL BUY: 60 ETH TOTAL SELL: 60.94 ETH TOTAL TRANSFERRED TO HUOBI: 47.5 ETH (value of pha in eth at time of transfer) TOTAL PROFIT if do total sell+ transfer — buy = 48.44 ETH ($82,348 value at that time)
Project four: Dego
When buy: March 1st-3rd 2021
Binance Listing announcement on March 10th: https://www.binance.com/en/support/announcement/binance-will-list-dego-finance-dego-in-the-innovation-zone-purchase-dego-tokens-with-bnb-at-a-40-discount-prior-to-trading-using-the-launchpad-subscription-format-7a11ed69a25744fe9e08f8aedea019c6
He bought and transfer almost all to gate exchange after the binance listing announcement:
TOTAL BUY: 143.28 ETH TOTAL TRANSFER TO GATE( VALUE AT THE TIME): 257.34 ETH TOTAL PROFIT: 114.06 ETH ($188,208 AT THE TIME, I REMEMBER DEGO PUMP AROUND 3–4X A WEEK LATER, ITS POSSIBLE THIS PROFIT NUMBER IS MUCH HIGHER)
Project five: SUPER
When Buy: March 18th-23rd 2021
Binance listing announcement on March 25th: https://www.binance.com/en/support/announcement/binance-will-list-superfarm-super-in-the-innovation-zone-5a39df5ea166490f91f04c85cf37f76c
TOTAL BUY: 150 ETH TOTAL TRANSFER TO GATE EXCHANGE: 141 ETH (This time he has a net loss because there there market volatility and many followers are now tracking his wallet.)
Project six: RAMP
When buy: March 18–21st 2021
Binance listing announcement on March 22nd: https://www.binance.com/en/support/announcement/binance-will-list-ramp-ramp-in-the-innovation-zone-a5da7668d80a407595a18c6b729fa55a
TOTAL BUY: 100 ETH TOTAL TRANSFER TO GATE: 81,76 ETH (THIS LISTING WAS CRAZY, IT PUMPED 3X AND DUMPED IMMEDIATELY BACK DOWN TO WHERE IT WAS PRE PUMP IN LESS THAN 24 HOURS, THERE WAS AT LEAST 4 FOLLOWERS AT THIS TIME TRACKING HIS WALLET, REASON FOR HIS BIG LOSS)
Project seven: TRIBE
NOTE: THE WALLET BOUGHT TRIBE IN APRIL 2021, HOWEVER THERE WAS A BUG IN THE PROTOCOL, SO BINANCE DELAYED LISTING UNTIL AUGUST.
Source wallet 3: connected to the cash out wallet of source 1 wallet (SAME PERSON)
Project one: DEGO
When buy: February 18th
Binance listing announcement is March 10th: https://www.binance.com/en/support/announcement/binance-will-list-dego-finance-dego-in-the-innovation-zone-purchase-dego-tokens-with-bnb-at-a-40-discount-prior-to-trading-using-the-launchpad-subscription-format-7a11ed69a25744fe9e08f8aedea019c6
SO THIS SOURCE WALLET 3 PREDATES HIS SOURCE WALLET 2 BY MANY WEEKS, HE USING MULITIPLE WALLETS TO BUY SAME PROJECT IN CASE SOMEONE IS TRACKING THE OTHERS
TOTAL BUY: 42.7 ETH TOTAL SELL: 138.6 ETH TOTAL PROFITS: 95.9 ETH ($182,210 AT THAT TIME)
Source wallet 4 from okex (SAME PERSON , IS CONNECTED THROUGH CASH OUT WALLET) https://etherscan.io/address/0xb0652e383412a2a7e446dd67c781d8e2c875a4ff (NOTE: THIS IS HIS OLDEST WALLET DATING BACK TO 2020, SO WE KNOW THIS PERSON BEEN CLOSE TO BINANCE FOR A FEW YEARS AT THAT POINT)
Project 1: bZx
When buy: August 27th-28th 2020
Binance listing announcement on August 29th: https://www.binance.com/en-ZA/support/announcement/db1f08bcb1624b29b3d19ebc2e62e1eb
TOTAL BUY: 180 ETH TOTAL SELL: 175.16 ETH TOTAL TRANSFER: 50 ETH TOTAL PROFITS : 45.16 ETH ($18,967 VALUE AT THAT TIME)
Project 2: DEXE
When buy: January 8th — 19th 2021
Binance listing announcement on January 21st, 2021 https://www.binance.com/en-NZ/support/announcement/binance-will-list-dexe-dexe-in-the-innovation-zone-a439ef291fb0402fa76a5757e0587cd4
TOTAL BUY: 39.6 ETH TOTAL SELL: 61.69 ETH TOTAL PROFIT: 22.09 ETH ($24,299 VALUE THEN)
Project 3: TRU
When buy: January 8th-14th
Binance listing announcement on January 19th : https://www.binance.com/en/support/announcement/binance-will-list-truefi-tru-in-the-innovation-zone-26aba13db00c473085bf51ddd2c81839
TOTAL BUY: 53.13 ETH TOTAL SELL: 78.68 ETH TOTAL PROFIT: 25.55 ETH ($35,770 AT THAT TIME)
Project 4: PROS
When buy: February 1st-3rd
Binance listing announcement on February 3rd: https://www.binance.com/en/support/announcement/binance-will-list-prosper-pros-in-the-innovation-zone-2d0541bb2957448bb682a327740ae3ee
TOTAL BUY: 49,709 USDC TOTAL SELL: 80,410 USDC TOTAL PROFIT: $30,701
Summary of source wallets 1–4: It is the same person connected through the cash out wallet. He knew about many Binance listings beforehand since 2020.
Overlords has tracked many more inside wallets who pre bought Binance listings. CZ or Binance, If you are interested in knowing more. Contact Overlords. We know you stated before you stay out of listing procedures, but it is common knowledge that all major exchange CEOs are part of the due diligence process of new listings. Total profits by this guy around $1.5M in just these wallets.
Send TXID to the following address if you appreciate the research: 0x62c71392c796b92dFe62aCba30293A60771450b0
