Watch Out This Altcoin Has Suspicious Whale Alert – Accumulated Prior to Listing

Onchain data shows suspicious transactions made by a wallet that may be an “insider” investor in an altcoin.

According to the data, the cryptocurrency whale with the short address 0x85f began accumulating the BEAM altcoin shortly before it was listed on the cryptocurrency exchange Upbit and immediately sold amid the post-listing rally.

The transactions of the cryptocurrency whale in the last 3 days attract attention. First, the whale created his wallet just 3 days ago and withdrew 750 thousand USDT and 90.34 Ethereum via Coinbase. He used these to purchase $911,000 worth of BEAM at a price of $0.028 on May 28 and 29.

Whale wallet sold these tokens at a price of $0.3407 right after the 20% price pump that occurred right after BEAM/KRW was listed on Upbit. The whale currently holds $844,000 worth of BEAM tokens.

Chart showing the regions where Whale wallet is buying and then selling after Upbit listing.

The fact that the wallet in question made such a purchase just before listing on Upbit raises suspicions that the wallet is an insider. The term Insider refers to investors who are informed about an event or transaction in advance and buy or sell accordingly.

*This is not investment advice.