Axiom distances itself from wayward employees
Source: DefiLlama
Regarding the recent investigation, Axiom has expressed disappointment in employee misconduct, adding that it has removed access to the tools enabling insider trading.
On Polymarket, the title “Which crypto company will Zach XBT expose for insider trading?” saw $27.6 million in trading volume prior to the investigation’s release. One trader even made a $39K profit from the same, which ZachXBT said could be one of the investigation’s informants.
Elevated instances of crypto insider trading
The Axiom investigation is one among many that reveal potential insider trading within crypto platforms. Another prominent case is that of Jane Street, in which the company was accused of market manipulation and insider trading, leading to the Terra-Luna collapse.
Observers have pointed out the possibility of algorithmic 10:00 am dumps by the company, in addition to possible involvement in the October 10 flash crash. The latter shook the crypto industry, with the blame still shifting from Binance to Wintermute to some offshore macro hedge fund. However, Bitwise CIO Matt Hougan believes the recent market volatility is just a classical crypto winter.
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