PANews reported on May 12 that South Korean trader Definalist disclosed on the X platform that on-chain evidence suggests a wallet suspected to be an internal Upbit entity precisely purchased WIF and VVV before their listing announcements, with highly similar operational patterns in both cases. In the WIF case, wallet 2dTe purchased WIF at 11:11:49 KST on May 6. Upbit listed WIF at 14:00:01 on the same day, and the wallet sold at 14:10:14, subsequently transferring the funds across-chain to Arbitrum and going long on VVV on Hyperliquid. In the VVV case, address 0x4a purchased VVV at 00:04:45 on May 12. Upbit listed VVV at 14:00:13 on the same day, and the wallet sold at 14:05:21. Definalist stated that Upbit has consistently denied insider trading and that exchanges are strictly regulated, but this on-chain activity has still raised market suspicions.