{"id":144610,"date":"2018-06-21T12:00:04","date_gmt":"2018-06-21T16:00:04","guid":{"rendered":"https:\/\/insidebitcoins.com\/news\/stellar-buys-chain-for-500m-but-insider-trading-suspicions-remain\/144610"},"modified":"2021-08-19T14:56:30","modified_gmt":"2021-08-19T18:56:30","slug":"stellar-buys-chain-for-500m-but-insider-trading-suspicions-remain","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/stellar-buys-chain-for-500m-but-insider-trading-suspicions-remain","title":{"rendered":"Stellar Buys Chain For \u2018$500M\u2019 \u2014 But Insider Trading Suspicions Remain"},"content":{"rendered":"

News that Stellar is in talks to purchase blockchain finance startup Chain has lent new weight to accusations that investment fund manager Ari Paul conducted insider trading with private information.<\/strong><\/p>\n

\n

Report: XLM Security Decision \u2018Bad News\u2019 For Paul<\/h3>\n

As Fortune<\/em> reported<\/a>\u00a0on June 20, the deal between the two companies is thought to be worth around $500 million \u2014 which will be transferred in Stellar\u2019s lumen (XLM) tokens.\u00a0\u201cOne source familiar with the deal said it is likely in response to the heated battle for top developers between crypto companies,\u201d the publication added about the likely impetus for the acquisition.<\/p>\n

At the same time, an investigative blog post<\/a> published June 16 suggested Paul actively engaged in XLM buying and advised others to do so based on knowledge he had about the impending deal.\u00a0The allegations, compiled by trader and commentator BambouClub from private messages between Paul, trading analyst Kazonomics and other sources, could be \u201cbad news\u201d for him \u2014 especially if XLM is soon classified as a security.<\/p>\n

\"Stellar:<\/p>\n

\u2018Get Out Of Jail Card\u2019<\/h3>\n

US regulators have sought to clamp down<\/a> on any activities involving trading or improper handling of tokens which constitute securities this year. Yet, the pace at which such tokens are classified remains slow.\u00a0\u00a0\u201cBut until that matter is settled, whether XLM is a security, it seems that Ari Paul has a \u2018get out of jail\u2019 card,\u201d BambouClub summarizes.<\/p>\n

BambouClub\u2019s suspicions center on a specific private message between Paul and Kazonomics from May.\u00a0\u201cI wasn\u2019t implying that you pump stuff,\u201d Paul wrote about Kazonomics\u2019 analysis activities, continuing:<\/p>\n

Rather, it\u2019s standard to establish a position and then share that info with friends. For example, if I thought XLM was a great buy because of the Chain announcement, I would first buy it then tell you.<\/p><\/blockquote>\n

At the time, no announcement had arisen about Stellar and Chain.<\/p>\n

The drama is not the first time that cryptocurrency industry figures have been hit with insider trading scandals. Perhaps most infamously, the US\u2019 largest exchange and wallet provider Coinbase<\/a> conducted a lengthy internal audit beginning late last year when allegations emerged that officials traded altcoin Bitcoin Cash prior to it debuting on the popular platform.<\/p>\n

What do you think about Ari Paul and the Chain acquisition? Let us know in the comments section below!\u00a0<\/strong><\/p>\n

\n

Images courtesy of Shutterstock, AdobeStock.<\/em><\/p>\n

The post Stellar Buys Chain For \u2018$500M\u2019 \u2014 But Insider Trading Suspicions Remain<\/a> appeared first on Bitcoinist.com<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

News that Stellar is in talks to purchase blockchain finance startup Chain has lent new weight to accusations that investment fund manager Ari Paul conducted […]<\/a><\/div>","protected":false},"author":183,"featured_media":144611,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-144610","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-more-crypto-news"],"acf":[],"yoast_head":"\nStellar Buys Chain For \u2018$500M\u2019 \u2014 But Insider Trading Suspicions Remain - InsideBitcoins.com<\/title>\n<meta name=\"description\" content=\"Investment fund manager Paul has been accused of conducting insider trading with private information concerning a $500 million acquisition.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/144610\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Stellar Buys Chain For \u2018$500M\u2019 \u2014 But Insider Trading Suspicions Remain\" \/>\n<meta property=\"og:description\" content=\"Investment fund manager Paul has been accused of conducting insider trading with private information concerning a $500 million acquisition.\" \/>\n<meta property=\"og:site_name\" content=\"InsideBitcoins.com\" \/>\n<meta property=\"article:published_time\" content=\"2018-06-21T16:00:04+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-08-19T18:56:30+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2018\/06\/as-stellar-lumen-xlm.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1920\" \/>\n\t<meta property=\"og:image:height\" content=\"1200\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Wilma Woo\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Wilma Woo\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/144610#article\",\"isPartOf\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/144610\"},\"author\":{\"name\":\"Wilma Woo\",\"@id\":\"https:\/\/insidebitcoins.com\/#\/schema\/person\/7826ccf9d101580d9aee38e4cfc2971d\"},\"headline\":\"Stellar Buys Chain For \u2018$500M\u2019 \u2014 But Insider Trading Suspicions Remain\",\"datePublished\":\"2018-06-21T16:00:04+00:00\",\"dateModified\":\"2021-08-19T18:56:30+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/144610\"},\"wordCount\":412,\"publisher\":{\"@id\":\"https:\/\/insidebitcoins.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/144610#primaryimage\"},\"thumbnailUrl\":\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2018\/06\/as-stellar-lumen-xlm.jpg\",\"articleSection\":[\"More Crypto News\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2018\",\"copyrightHolder\":{\"@id\":\"https:\/\/insidebitcoins.com\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/144610\",\"url\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/144610\",\"name\":\"Stellar Buys Chain For \u2018$500M\u2019 \u2014 But Insider Trading Suspicions Remain - 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