Coinbase (NASDAQ:COIN) is the subject of rumors today as crypto traders on social media attempt to link the exchange to a mysterious Ethereum (ETH-USD) wallet.
Let’s dive into everything investors need to know about today’s Coinbase rumors below!
- Coinbase recently released a list of cryptos it’s considering adding to its platform.
- The company revealed the list through a blog post claiming it was doing so in the name of transparency.
- However, some traders on social media have called this into question after discovering an ETH wallet.
- This wallet purchased several of the cryptos on that list 24 hours before it was posted by Coinbase.
- That’s leading to speculation that someone at Coinbase owns the wallet.
- Since the wallet’s transactions are public, users were able to track how much it spent on the cryptos.
- That includes $20,000 on Dope Wars Paper (PAPER-USD), as well as $88,000 on Kromatika (KROM-USD).
- It also invested in several other cryptos on the list and it’s worth noting it only bought cryptos on Coinbase’s list.
- While there’s no hard evidence to confirm who is behind the wallet, some crypto traders on social media have an idea.
- Many believe that Nate Chastain may be the possible owner of the ETH wallet.
- Chastain was previously the product head of non-fungible token (NFT) marketplace OpenSea.
- However, he left the company following accusations of insider trading.
- Shortly after that, Coinbase brought him into its fold.
- This has some traders believing he’s behind the alleged insider trading at the company.
COIN stock is up 1.8% as of Wednesday morning.
There’s more crypto news worth looking into below!
InvestorPlace has all the latest crypto news with our daily coverage of the market. For Wednesday, that includes a partnership for Zilliqa (ZIL-USD), cryptos to watch amidst macroeconomic headwinds, and more. You can get up to speed on all of this news at the links below!
More Crypto News for Wednesday
- Why the CryptoSlate Partnership Could Be Big for Zilliqa
- 7 Cryptos to Watch as Macroeconomic Headwinds Hit the Blockchain
- Zilliqa Could Become Another Solana If Its Transaction Speed Use Takes Off
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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