Coinbase is changing the way it reveals new coin listings 🚨 It comes amid allegations one trader managed to buy large sums of altcoins under consideration for a listing — 24 hours BEFORE they were announced 💰
Coinbase is changing the way it announces new coin listings — amid allegations some traders used this information to make a profit.
All of this has sparked allegations that someone may have gained access to this confidential list before it was made public — or had managed to connect the dots by closely monitoring on-chain activity. "Going forward, we plan to publish externally once a decision has been made to list an asset, but before any technical integration work begins, to try and prevent on-chain data giving signal to watchful traders. In addition, we plan to publish only once a decision has affirmatively been made to list, versus when we’ve decided to consider listing an asset."
The executive said Coinbase would enlist the help of external law firms where such behavior is suspected — using blockchain analytics to trace transactions and scouring for "social or professional links" between employees and those involved in front-running activity.Armstrong also took the opportunity to clear up confusion surrounding how Coinbase decides which cryptocurrencies to list.
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