Bubblemaps

TRUMP

Generation

Binance has suspended a member of its wallet division following allegations of insider trading tied to a recent token launch, the exchange confirmed in a statement on X.The issue surfaced after the Binance Wallet team received a complaint suggesting one of its employees profited from <a href="https://financefeeds.com/sam-altmans-worldcoin-denies-insider-trading-allegations/" rel="noopener noreferrer nofollow">non-public information</a>. According to Binance, a preliminary internal review found that the staffer — who joined the wallet team last month — used prior knowledge from a former business development role at BNB Chain to front-run trades.The employee allegedly knew about an upcoming Token Generation Event (TGE) for an unnamed project and expected heavy interest once the news went public. Before the announcement, they reportedly used several linked wallets to buy large amounts of the project’s token, and then offloaded some of the holdings immediately after launch to lock in profits.While <a href="https://financefeeds.com/is-qubetics-the-top-crypto-presale-with-669-roi-binance-and-tron-fuel-the-buzz/" rel="noopener noreferrer nofollow">Binance</a> hasn’t named the staffer, online speculation quickly zeroed in on Freddie Ng, a former BNB Chain operations manager who joined Binance Wallet in February. Users on X, including “py,” linked wallets tied to Ng’s online identity to one that profited over $82,000 trading the U DEX Platform (UUU) token — a project that surged to a $31.5 million valuation at its peak on March 23.Binance said the employee was suspended right away and could face further disciplinary or <a href="https://financefeeds.com/ex-stonex-exec-fined-160k-for-insider-trading-in-gain-capital-deal/" rel="noopener noreferrer nofollow">legal consequences</a>. The company also plans to work with regulators in the relevant jurisdiction, though it didn’t specify which.“We appreciate community efforts in bringing this to our attention,” Binance Wallet wrote. “However, to protect whistleblowers, only those who report through our official channel will be eligible for rewards.”Four anonymous users who flagged the issue through the company’s whistleblowing email will each receive a $25,000 reward, Binance said.The incident adds to growing scrutiny over insider activity in crypto markets, especially around token launches — where even short-term trades can bring huge profits to those with early access to information.In February, blockchain analytics platform Bubblemaps claimed that a pseudonymous crypto trader known as Naseem made over $100 million trading the Trump memecoin.Bubblemaps’ investigation found that Naseem was able to “snipe” TRUMP tokens just after launch, securing $1.09 million worth using an address beginning 6QSc2. The funds were then spread across at least nine wallets, raising suspicions of coordinated trading.Bubblemaps described him as a highly skilled sniper trader with a history of profiting from newly launched tokens. Past trades included $1 million from Hailey Welch’s HAWK token and decent gains from LIBRA, the controversial token linked to&nbsp;<a href="https://financefeeds.com/judge-to-be-assigned-in-argentine-presidents-libra-fraud-case/" rel="noopener noreferrer nofollow">Argentinian President Javier Milei</a>.

Binance Probes Insider Trading Tied to Wallet Team Member, Awards Whistleblowers

FinanceFeeds

Další články publikované 25. 3. 2025

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