Crypto community accuses Coincheck exchange of insider trading

Posted 11 November, 2019

Coincheck's cryptocurrency platform has been accused of insider trading. The reason for this was the addition of the Stellar token to the listing, after which the coin grew by about 50% in just 4 days.

The cause of the artificial pump may be the burning of most of the already issued XLM coins. New tokens, which were released later, began to sharply gain popularity among traders against the background of a general cryptocurrency market drawdown. The exchange added just one MONA coin the whole year before, with which the personal interests of its management are related.

The owner of the exchange is now the company Monex Group, which at one time issued MONA in the form of a native token. Its representatives have repeatedly expressed negative opinions about small projects, which is why the Coincheck listing has not been replenished with new assets. At the beginning of the year, the exchange was attacked by hackers, because of which they had to sell a controlling stake to cover the debt to customers.

Monex Group is considered one of the largest financial companies in Japan. She always tried to organize a monopoly in all sectors, but the cryptocurrency market was too independent. Hacking Coincheck immediately attracted the attention of the company, as a result of which it bought a controlling stake in the exchange. Many traders are sure that only insider trading could lead to such an active growth of Stellar.

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