What Evidence Suggests That the Crypto Market Is Not Strong-Form Efficient?

The existence of profitable insider trading and consistent evidence of front-running strongly suggests the crypto market is not Strong-form efficient. Strong-form EMH requires that all information, public and private, is reflected in the price.

The fact that individuals with private knowledge (e.g. about a listing or a protocol exploit) can profit consistently proves that private information is not instantaneously priced in.