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Whale’s High-Stakes Crypto Trades Spark Insider Trading Concerns
A recent surge in high-leverage trades by a prominent whale has sparked concerns of insider trading and market manipulation. The trader, who has chosen to remain anonymous, has executed massive long positions on Bitcoin and Ethereum through the platform Hyperliquid.
According to reports, the investor deposited $5.22 million and opened two trades: a 50x leveraged long position in Ethereum at $1,884.4 with a liquidation point of $1,838.2 and a 20x leveraged long position in Bitcoin at $82,003.9 with a liquidation point of $61,182.
The sheer scale and strategic nature of these trades have raised eyebrows among market analysts, who suggest that the investor may be privy to non-public information or even linked to North Korean hackers. It is worth noting that this entity’s wallets have interacted with gambling platforms such as Roobet and AlphaPo, as well as an exchange commonly used by hackers, ChangeNOW.
Crypto analyst AB Kuai Dong has pointed out that the funds utilized for these trades may be connected to phishing attacks or other illicit sources. This theory is further supported by links between the trader’s address and wallets allegedly involved in fraudulent activities.
While some experts propose that these moves indicate insider knowledge, others believe that these transactions could be part of a sophisticated laundering operation.
In light of this information, it appears that Hyperliquid has entered into a bearish trend, with the 4-hour chart displaying a symmetrical triangle pattern initially suggesting indecision. However, the market broke down and plummeted to a drastic $24 drop from the initial price.
Source: https://cryptonewsland.com/whales-high-stakes-crypto-trades-spark-insider-trading-concerns/
