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Coinbase’s Base Token Launch Controversy: Three Wallets Profit $666K from Pre-Announcement Purchase

Coinbase’s Base Token Launch Controversy: Three Wallets Profit $666K from Pre-Announcement Purchase

Coinbase News
Release Time:
2025-04-18 19:30:11
0

The launch of the ’Base is for everyone’ token by Coinbase’s Ethereum Layer 2 solution, Base, has sparked controversy after blockchain sleuth Lookonchain revealed that three crypto wallets purchased tokens ahead of the official announcement, netting a combined profit of $666K. This incident highlights ongoing concerns about front-running and insider advantages in token debuts.

Three Wallets Profit $666K from Pre-Announcement Purchase of ’Base is for everyone’ Tokens

Token debuts remain a contentious issue, often criticized for allowing insiders to profit through front-running campaigns. The latest example is the ’Base is for everyone’ token announced by Coinbase’s Ethereum Layer 2 solution Base. Three crypto wallets bought tokens ahead of the official announcement, resulting in significant profits of $666K, according to blockchain sleuth Lookonchain. Base announced the debut of its token minted via Zora, an on-chain social network, empowering creativity by turning any content posted on its network into tradable coins. The token quickly rose to a market capitalization of over $15 million.

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