PANews reported on May 5th that, according to Cointelegraph, crypto data analytics firm Kaiko pointed out in its latest report that suspected "front-running" trading activities have emerged in the market surrounding the announcement of Robinhood's crypto asset listing.

The report states that abnormal fund flows were observed in perpetual contract holdings and on-chain transactions prior to multiple token listings. For example, wallet address "0xa1E" established a long position in Hyperliquid approximately one hour before Robinhood announced the listing of Lighter (LIT) on January 15th, and quickly closed the position for a profit after the announcement. This address also shorted HOOD-related perpetual contracts several hours before Robinhood released its financial report on April 28th, and closed the position after the price dropped.

Kaiko also pointed out that a similar pattern was observed in several listing events such as ZEC, SNX, and NEAR: several hours before the announcement, the market saw a surge in funding rates, an increase in trading volume and open interest, accompanied by price fluctuations in advance.

Analysis suggests that this consistent behavior may stem from two explanations: first, some traders may have access to undisclosed information or an informational advantage; second, high-frequency traders may be making predictive trades based on funding rates and market microstructure signals (such as changes in trading volume and open interest).

Kaiko researchers stated that while the current data cannot prove the existence of direct insider trading, the pattern has repeatedly appeared in multiple asset listings and warrants continued attention.