The world’s largest cryptocurrency exchange, Binance, announced earlier today that it had listed two new memecoins based on the Solana (SOL) blockchain. The listing on Binance resulted in significant price increases for these two alternative coins. However, there were suspicions that one of them might have been associated with an insider.
Definalist, a DeFi research group, revealed that it had identified a suspicious insider wallet prior to the listing of the PNUT token on Binance. They reported detecting a Solana wallet that they believed to be connected to the Peanut the Squirrel (PNUT) project.
According to Definalist, the wallet in question, which they suspected to be an insider, was identified as “22JYebQtQSLchTXiRJVCx7hpPamN1YzLJKHET52S6eBm”.
Referring to a post by Lookonchain, Definalist stated that the wallet responsible for acquiring PNUT and ACT tokens after the Binance listing belonged to them. They emphasized that their purchases were legitimate and complied with the law.
However, the Definalist team mentioned that they had examined the data of wallets suspected to be insiders before the listing of Moodeng. They selected five wallets and found the one they were certain was an insider in relation to the PNUT listing.
Since its listing on Binance, PNUT has experienced a surge of over 200% and is currently trading at $0.379 as of the time of writing.
Definalist took to Twitter to clarify that the wallet posted by @lookonchain belonged to them. They admitted being a little slow but emphasized that their actions were legitimate, resulting in a profit range of around $1 million.
They also mentioned that they had scanned the data of wallets presumed to be insiders before the listing of Moodeng, selected five wallets, and identified the wallet they were certain was an insider today.
It is important to note that this information is not provided as investment advice.