South Korean Crypto KOL: Suspected Wash Trading Behavior in Recent Upbit Listing

BlockBeats News, May 12th, South Korean trader Definalist posted on social media, indicating that Upbit may have engaged in wash trading during the listing of WIF and VVV recently.

Several addresses that received funds from Upbit's hot wallet quickly bought into WIF before its listing on Upbit and then sold off shortly after the listing; similar behavior was observed for VVV.

Furthermore, Definalist also hinted that Upbit has been extensively testing STABLE tokens recently, with suspicious wallet activity related to buying into these tokens.