Dingaling, perhaps the most famous NFT whale of them all, has opted to remain coy. This follows after CZ, the CEO of Binance, publicly shamed him for insider trading. Dingaling’s silence has ignited a storm of speculation in the cryptocurrency and NFT communities. Everyone is abuzz with curiosity, most notably due to Dingaling’s high profile and former connections. Dingaling's silence may be attributed to his need for Binance's support to ensure the success of his project.
Dingaling's Rise in the NFT Space
Prior to these accusations, Dingaling was lauded as a genius for many NFT players during the NFT bull market. The power of his purchases was enormous, instantly clearing a huge value of buy orders and driving up prices for NFTs with low liquidity.
Dingaling's influence was so profound that some argued his presence was crucial for the NFT market's perceived value.
Without whales like dingaling, NBA Top Shot is no different than the cards our parents collected as children and have kept to this day.
His digital identity included extensive ownership of over 100 BAYCs and 70 Azukis. To further solidify his status, Dingaling famously won the Azuki Gold Skateboard auction with an aggressive 309 ETH bid.
The Revelation and the Response
The mystery surrounding Dingaling's identity began to unravel on April 8, 2021, when @OwnTheMomentNFT posted a "missing person notice" on Twitter, questioning, "Who is Dingaling?".
On May 6, CZ tweeted that Dingaling, the well-known NFT whale and founder of boop.fun, was a "former employee fired by Binance for insider trading" and a "fake CRO". Cryptocurrency exchange Binance Alpha has released $BOOP — the boop.fun platform currency. Unlike just about all other ecosystems, they airdropped it to users who fulfilled the Alpha points requirements—well—six hours before CZ tweeted that Dingaling was dead.
Nearly an hour after @NFTethics’ tweet, Dingaling responded with guns blazing on Twitter. Specifically, he disclosed personally identifiable information in an attempt to intimidate his critics and issued defamatory claims against @NFTethics.
unfounded and speculative human flesh searches. - Dingaling
He claimed to be Australian and a former employee of Binance.
The Insider Trading Allegations and Fallout
CZ's accusation of insider trading stems from Dingaling's time at Binance, where he held the position of research leader, effectively acting as the CRO. Dingaling was accused of committing “insider trading”, as they bought a significant amount of $CAKE before the mammoth announcement. Later, he asked CZ for a cut of PancakeSwap’s revenue.
Dingaling was fired for insider trading - CZ
In the wake of these events, Dingaling incurred heavy legal and financial penalties. He was named as a defendant for allegedly participating in "fraudulent share repurchase transactions" in 2021 and creating a run effect through false statements before the collapse of FTX. Dingaling was the subject of numerous civil compensatory and restitution claims.
