Binance Wallet Suffers Insider Trading Allegations as Some Crypto Traders Move to Best Wallet

The crypto market was shaken today by allegations of insider trading within Binance Wallet – a division of the industry-leading exchange.

These allegations have prompted concerns about market manipulation and the security of user funds.

As a result, some traders are exploring alternative wallet solutions, with the fast-growing, multi-chain platform Best Wallet (BEST) becoming a popular option.

Binance Employee Accused of Insider Trading in Front-Running Scheme

Everything started on Sunday when Binance’s internal audit team received a tip-off – likely from concerned community members or even someone inside the company.

The complaint was that a Binance Wallet employee had allegedly engaged in some shady dealings: front-running, a classic form of insider trading.

This involves using confidential information to buy or sell assets before that information becomes public knowledge.

It gives the trader an unfair advantage.

In this case, the employee, who had previously worked at BNB Chain, reportedly caught wind of an upcoming Token Generation Event (TGE).

Knowing this TGE would likely pump the token’s price, they allegedly used multiple wallet addresses to buy a significant chunk of the supply before the official announcement.

Investigation Findings on Staff Misconduct in Trading

Dear Binance Users and Community Members,

On March 23, 2025, Binance’s Internal Audit team received a complaint alleging that one of our staff members engaged in front-running trades using insider information to gain… pic.twitter.com/SVVvu4rX1x

— Binance Wallet (@BinanceWallet) March 25, 2025

Then, after the post-TGE price spike, they cashed out for a profit.

A History of Crypto Insider Trading Scandals

But the ongoing Binance Wallet fiasco isn’t an isolated incident.

It’s simply the latest chapter in a growing – and worrying – trend of insider trading within the crypto market.

A prime example is the Coinbase scandal back in 2021-2022.

One of Coinbase’s product managers leaked information about upcoming token listings to his brother and a friend.

The pair then raked in about $1.5 million in illicit profits – but the manager ultimately received a two-year prison sentence.

Today former Coinbase product manager Ishan Wahi and his brother, Nikhil Wahi, agreed to settle charges that they engaged in insider trading through a scheme to trade ahead of multiple announcements regarding at least nine crypto asset securities.https://t.co/yt2hHEAJMV pic.twitter.com/6dy9KMd5mY

— U.S. Securities and Exchange Commission (@SECGov) May 30, 2023

Then there was the OpenSea NFT case, where a product manager used his insider knowledge to buy up NFTs before they were featured on the homepage, flipping them for a quick profit.

And even though it wasn’t technically insider trading, the Eigen Labs airdrop controversy last year raised eyebrows, with employees allegedly receiving preferential treatment on token distributions.

Each time something like this happens, it adds another dent to crypto’s reputation.

All these incidents, where individuals exploit their positions for personal gain, harm the entire ecosystem.

It’s more fuel for critics who claim the industry is filled with scammers.

Best Wallet Gains Popularity as Non-Custodial Alternative Amid Binance Wallet Concerns

Unsurprisingly, some crypto traders are re-evaluating their wallet choices.

When trust is shaken, security and control become more important – and this is where platforms like Best Wallet are gaining traction.

Best Wallet is positioning itself as a haven, stressing user control with its non-custodial, multi-chain design.

Unlike with centralized exchanges, you hold the keys to your crypto.

This is an attractive proposition, since Best Wallet can’t freeze your assets or dictate how you use them.

Best Wallet supports over 60 blockchains, offers built-in security features like two-factor authentication (2FA), and has a DEX for smoother trading.

There’s even a token launchpad (“Upcoming Tokens”) offering early access to hand-picked presale projects.

Powering all of these features is the native BEST token.

BEST is currently only available in presale, priced at $0.024475, with investors able to get in using crypto or a credit/debit card.

Austin Hilton, an industry expert with over 342,000 YouTube subscribers, described it as one of the “best new crypto projects” on the market.

Looking ahead, Best Wallet’s team has big plans – including a crypto debit card, NFT gallery, and derivatives trading.

They aim to make Best Wallet the go-to for both beginners and crypto veterans.

All of this helps explain why some crypto traders are eyeing Best Wallet amid the Binance Wallet insider trading scandal.

Visit Best Wallet Website

Disclaimer: The above article is sponsored content; it’s written by a third party. CryptoPotato doesn’t endorse or assume responsibility for the content, advertising, products, quality, accuracy, or other materials on this page. Nothing in it should be construed as financial advice. Readers are strongly advised to verify the information independently and carefully before engaging with any company or project mentioned and do their own research. Investing in cryptocurrencies carries a risk of capital loss, and readers are also advised to consult a professional before making any decisions that may or may not be based on the above-sponsored content.

Readers are also advised to read CryptoPotato’s full disclaimer.

The post Binance Wallet Suffers Insider Trading Allegations as Some Crypto Traders Move to Best Wallet appeared first on CryptoPotato.