Cryptocurrency

2024

Ronin

<p>Cryptocurrency exchange<a href="https://www.cryptopolitan.com/brc20-token-ordi-jumps-over-40-post-binance-listing/" rel="noopener noreferrer nofollow"> Binance</a> has initiated a substantial $5 million bounty program to uncover potential corrupt staff members following allegations of misconduct related to its token listing process. This move comes in response to recent accusations that suggested leaks and insider trading might be impacting the fairness of token listings on the platform.</p>
<h2 class="wp-block-heading" id="binance-co-founder-addresses-ron-token-price-drop-controversy">Binance Co-Founder addresses RON token price drop controversy</h2>
<p>In a series of <a href="https://twitter.com/heyibinance/status/1754579213426835695" rel="noopener noreferrer nofollow" target="_blank">posts </a>Binance co-founder Yi He acknowledged the existence of “heated discussions” within the crypto community regarding the sharp decline in the price of Ronin (RON) immediately after its listing on the Binance exchange.&nbsp;</p>
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   <p lang="zh" dir="ltr">感谢今天所有关心币安，热爱币安，支持币安的朋友们，也收到了很多建议，我都有认真一条条看。过去偶尔有关于币安上币信息泄漏的激烈讨论，通常是一些尚未发布代币的项目，社区为了保持热度过度宣传并不鲜见；但今天RONIN上币公告发布后RONIN价格下跌引发了社区激烈讨论，经过内部调查发现是之前集成公…</p>— Yi He (@heyibinance) <a href="https://twitter.com/heyibinance/status/1754579213426835695?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">February 5, 2024</a>
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<p>Speculations within the community hinted at a possible leak of confidential information from within Binance, which might have influenced the token’s price negatively. However, Yi He countered these claims by asserting that blockchain data revealed Binance’s preparations for the token listing, dismissing the allegations of insider trading.</p>
<p>RON, the native token of a gaming-focused blockchain platform sharing the same name, had experienced a price surge of more than 30% in the week leading up to its listing on Binance. Nevertheless, its value plummeted by 18% within an hour of Binance’s official announcement and subsequently declined by over 26% in a single day.</p>
<h2 class="wp-block-heading" id="coinbase-director-raises-similar-concerns">Coinbase director raises similar concerns</h2>
<p>The controversy surrounding the <a href="https://www.cryptopolitan.com/3-reasons-tron-token-bullish-agoodtimetobuy/" rel="noopener noreferrer nofollow">RON token</a> listing occurred just two weeks after Conor Grogan, a director at Coinbase, made similar allegations. Grogan claimed to have identified multiple wallets exhibiting a pattern of purchasing tokens shortly before their listing on Binance, followed by the immediate sale of these tokens after the official announcements.&nbsp;</p>
<p>He speculated that these actions could be linked to a “rogue employee” associated with Binance’s listings team or a trader taking advantage of potential test trade leaks on the exchange.</p>
<h2 class="wp-block-heading" id="binance-s-response-a-5-million-bounty-program">Binance’s response: A $5 million bounty program</h2>
<p>In light of mounting concerns and to safeguard the integrity of its operations, Binance has taken decisive actions. He unveiled plans to overhaul the token listing process, introducing stricter controls on team members involved in the process.&nbsp;</p>
<p>Any leaked information concerning upcoming projects will now result in a warning for first-time offenders, while repeat offenders will face termination.</p>
<p>Binance has introduced a substantial financial incentive to encourage individuals to come forward with information regarding corrupt staff members or unethical activities. The exchange will offer bounties ranging from $10,000 to an impressive $5 million for anyone providing verifiable evidence of corruption within Binance, whether related to the token listing process or any other aspect of the exchange’s operations.</p>
<h2 class="wp-block-heading" id="blacklisting-and-background-checks">Blacklisting and background checks</h2>
<p>To maintain the highest standards of integrity among projects associated with Binance, the exchange has implemented a policy to permanently blacklist projects that hire employees dismissed from the exchange due to corruption.&nbsp;</p>
<p>This measure aims to prevent any potential affiliation with corrupt staff members and encourages projects looking to collaborate with Binance to undergo background checks.</p>
<h2 class="wp-block-heading" id="tightening-external-communications">Tightening external communications</h2>
<p>To prevent sensitive information from being leaked prematurely, Binance will reinforce its external communication protocols. Yi He issued a stern warning that token listings may be canceled if listing information is disclosed before the official announcements. This underscores the exchange’s commitment to preserving fairness and transparency in its operations.</p>
<p>Acknowledging the potential vulnerability to automated trading systems that may exploit listing announcements, Binance has committed to enhancing its technical monitoring capabilities. Despite encrypting its token listing announcements, the exchange recognizes the need to remain vigilant against potential automated trading based on leaked information.</p>

Crypto exchange Binance launches $5M bounty to root out corruption among staff

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