After three people got arrested for cryptocurrency insider trading following a tip by a Twitter (NYSE: TWTR) user, the person responsible for their arrests believes there’s a larger problem that remains unaddressed, which, according to him, is the lack of action by the cryptocurrency exchange where it all happened – Coinbase.
Talking to a YouTube investigator Coffeezilla, known for exposing several scams related to cryptocurrencies, the Twitter tipster who goes under the handle Cobie expressed disappointment at how things have been handled and that people were perhaps focusing on the wrong issue, as he said in the video interview published on July 27.
In the interview, Cobie indicated that the crypto exchange might be more at fault for the entire situation than it appears at first glance. According to him, Coinbase has had a continuous problem with insider trading:
“So people were making money on Coinbase front-running these trades for years. They would just find out whatever Coinbase was going to list, buy it up before it listed and sell it immediately after. In fact, it turns out it was such a problem that Coinbase tried to address this issue at the time but with no success.”
Furthermore, Cobie added that the crypto exchange then made some promises to improve its processes, but “then the very next listing every single coin got front-run once again.”
After noticing the pattern, Cobie made some research and tweeted his results, which...
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