According to Korean trader Definalist, Upbit appears to have engaged in front-running during the listings of WIF and VVV. He noted that multiple addresses funded by Upbit’s hot wallet purchased WIF ahead of its listing and quickly sold off after launch, with similar activity observed for VVV. Additionally, Upbit recently tested the STABLE token, and the suspected front-running wallets also made purchases related to it.
Upbit Suspected of Front-Running with WIF and VVV Listings
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Summary
Upbit is under scrutiny over new token listings as on-chain data reveals suspicious activity. A Korean trader claims Upbit’s hot wallet funded multiple addresses prior to the WIF and VVV listings. These addresses purchased tokens before listing and sold them rapidly afterward. Similar patterns were observed with VVV and a recent STABLE token test. The on-chain data raises concerns about new token listings and potential front-running.
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