COINDESK DAILY: Binance Fired Investigator Who Uncovered Client Market Manipulation; 'Boden' Memecoin Surges
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 9 May 2024
⏱️ 2 minutes
🧾️ Download transcript
Summary
Host Jennifer Sanasie breaks down the latest news in the crypto industry from an investigator fired by Binance to the surge in "Boden" meme coin.
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"CoinDesk Daily" host Jennifer Sanasie breaks down the biggest headlines impacting the crypto industry today, including a Wall Street Journal article that says Binance fired an investigator who uncovered evidence of market manipulation at DWF Labs, one of the exchange's clients. Plus, insights on Robinhood's strong earnings report and the surge in "Boden" meme coin after former President Trump's comments.
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This episode was hosted by Jennifer Sanasie. “First Mover” is produced by Jennifer Sanasie and Melissa Montañez and edited by Victor Chen.
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Transcript
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| 0:00.0 | Binance fired the investigator who uncovered market manipulation at its client DWF. That's according to a report by the Wall Street Journal. The former staff member and his colleagues on Binance's market surveillance team had been hired to wrinkle out signs of market manipulation and identified manipulations of various tokens by DWF Labs. |
| 0:21.5 | The team found that VIP clients, those trading more than $100 million per month, |
| 0:26.4 | were engaging in pump and dump schemes and wash trading that were prohibited by Binance's |
| 0:31.1 | terms and conditions. |
| 0:32.6 | That's according to the Wall Street Journal article. |
| 0:34.9 | The Wall Street Journal cited interviews with finance employees past and present, documents, emails, and other industry participants. Robin Hood reported |
| 0:43.7 | a strong first quarter earnings yesterday as a surge in crypto trading fueled a 40% year-on-year increase |
| 0:49.5 | in revenue, leading some analysts to upgrade their earnings estimates and price targets. KBW raised |
| 0:56.2 | its price target to $21.50 from $20 while maintaining its market perform rating, while JMP raised |
| 1:02.2 | its price target to $30 from 28 and reiterated its market outperform rating. The shares were at |
| 1:08.9 | around $19 as of 9.30 a.m. Eastern time. They've gained over |
| 1:13.3 | 50% on the year. We of course recently found out that the SEC has served Robin Hood Crypto, |
| 1:19.9 | a Wells notice, and are waiting for more information there. And Bowden, a meme coin referring to |
| 1:25.5 | a misspelling of U.S. President Joe Biden's name surged as much as 25% on Wednesday after his Republican challenger, former President Donald Trump, responded to a fan's question about it. |
| 1:38.3 | Trump was hosting the Trump card's NFT gala for holders of the digital collectibles at his Mar-a-Lago resort. |
| 1:45.1 | And after an attendee described Bowden to him, he said, quote, I don't like that investment. |
| 1:50.6 | End quote. |
| 1:51.4 | Bowden peaked at 42 cents and is now trading at around 35 cents, up 18%. |
| 1:57.4 | That's it for CoinDesk Daily. |
| 1:58.8 | Get more updates on CoinDesk.com and we'll see you next time. |
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