Binance, one of the leading cryptocurrency exchanges, is offering a $5 million reward for information related to potential cases of corruption among its employees. These steps come in the wake of controversies surrounding the listing of the #RON cryptocurrency tokens, which were brought to the forefront due to alleged data leaks.
Heated Community Discussion
Yi He, co-founder of Binance, expressed her views in posts on the X social network on February 5th. She stated that passionate debates had arisen within the community following a recent drop in the price of the #Ronin (RON) #cryptocurrency token, which had been listed on Binance.
Some members of the X platform's community suggested that the data leak from within Binance might have been the cause of RON's price decline. However, Yi He stated that Binance had conducted a #blockchain analysis and found that users were preparing to purchase the token.
Sudden Price Drop for RON
The RON cryptocurrency token, part of a blockchain focused on gaming, experienced rapid price growth of over 30% in the week leading up to its listing on Binance, according to CoinGecko data. However, shortly after the announcement of its availability on Binance, its price dropped by 18%, and within a day, it plummeted by over 26%.
Suspicions of Data Leakage
This situation occurred just two weeks after Coinbase CEO Conor Grogan claimed to have discovered several wallets with suspicious patterns of token purchases shortly before their listing on Binance, followed by subsequent sales. Grogan speculated that these suspicions might be linked to dishonest employees or traders who had access to information about upcoming token listings.
Reward for Information on Corruption
Yi He announced that Binance is reviewing its token listing process and offering a reward of up to $5 million for evidence of corruption among its employees. Team members responsible for token listings at Binance will undergo stricter scrutiny, and in case of information leaks about planned projects, a warning will be issued initially, followed by dismissal for repeat offenders.
Binance will also permanently ban projects that hire employees dismissed from the cryptocurrency exchange due to corruption. The company will focus on enhancing technical monitoring and take measures to safeguard sensitive information.
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