Analyst Identifies Unusual COIN Trade, Hoskinson Warns Crypto Community

The American entrepreneur and CEO of the blockchain platform Cardano, Charles Hoskinson took to Twitter earlier today to warn his 977.1k followers about “unusual trading,” in response to the crypto alert Twitter account “unusual whales.” Unusual whales shed light on a recent “unusual” trade of Coinbase’s token COIN, in which a whale newly opened weekly puts of COINs for $107,000.

Well, this is unusual.

Yesterday, someone opened new $COIN $50 weekly puts for $107,000. They were 19% OTM and expired in four days!!!

Today, the SEC sued Coinbase, $COIN.

Those positions are up big, nearly 2572%.

They turned $100K to millions.

Someone always knows. pic.twitter.com/keRzszieZn

— unusual_whales (@unusual_whales) June 6, 2023

The analyst drew the attention of crypto traders and enthusiasts to certain activities taking place in the crypto space. According to the findings of unusual whales, an anonymous whale opened a weekly put of COINs which expired in four days. Reportedly, the COINs were 19% Out of Money (OTM), with a strike price less than its market price.

The analysis indicated that following the lawsuit filed by the Securities and Exchange Commission (SEC) on Coinbase, the $100k COINs turned millions, surging to nearly 2572%. Unusual whales stated, “Those positions are up big” and hinted on the precalculated activities of the whale adding, “Someone always knows.”

Hoskinson, alarmed by the suspicious developments, tweeted, “Remember that we all need to be protected…”

Remember that we all need to be protected… https://t.co/uRr1bgnGrO

— Charles Hoskinson (@IOHK_Charles) June 6, 2023

On June 6, the SEC sued Coinbase, alleging that the exchange has been operating as an unregistered national securities exchange. The lawsuit claimed that for years Coinbase had been included in the trade of crypto assets worth billions of dollars without authorization from the regulators. Following the lawsuit, the COIN has shown a grave fall with the price currently standing at $51.61, down by 12.98% in the past 24 hours.

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