Journalist Colin Wu has brought attention to suspicious transactions from the official wallet of Web3 platform Hooked Protocol, raising concerns about potential insider trading.
According to blockchain data, a multisig address supposedly linked to the project sent around 4.94 million HOOK tokens (equivalent to approximately $5.4 million at the time) to Binance.
This occurred only a few hours before the announcement of a $50 million Hooked fund. Following the news, the coin’s price rose to $1.24 and then dropped to $1.05, accompanied by a significant increase in trading activity.
Some social media users expressed outrage and called for an investigation into possible fraud. Notably, the HOOK token was part of Binance Launchpad, a platform for launching new cryptocurrency projects. One participant in the discussion shared a contrarian viewpoint, citing the high risks in the crypto market.
