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#Binance Sets $5M Insider Trading Bounty Linked to BOME Crash Insider knowledge or sharp move? Freshly-arrived whale raises eyebrows with a hefty BOME buy before listing. Newly-discovered crypto whale acquires 314M BOME before Binance’s listing. Book Of Meme soars 22426% since inception but drops 51% days into listing. Binance’s on-chain sleuths offer a bounty ranging from $100K to $5M. The cryptosphere witnessed a scandal after insider trading rumors surfaced about Book Of Meme (BOME), an emerging memecurrency with a $750 million market cap. Binance became one of the earliest centralized adopters of the BOME memecoin. On March 16, 2024, the crypto giant added support for BOME and Spot trading pairs for BOME/BTC, BOME/USDT, BOME/FDUSD and BOME/TRY.  Listed on the platform with an inspection tag called the Seed Tag, the Solana-based memecoin has been under a magnifying glass since day one. However, it fell into a scandal due to ‘Rat House’ allegations, which is a term used to describe insider trading. In response to this, Binance launched an internal investigation and urged crypto traders with relevant information to approach the team at audit@binance.com, according to Binance’s Chinese X account. To speed up the investigative process, Binance has put up a bounty, ranging from $100K to $5 million, to collect the information relevant to fraudulent behavior. The scrupulous approach by Binance detectives returned no inside trading proof on the preliminary investigation, while the reward is given upon verification that a Binance staff member has exploited their status. Here’s Why BOME Is Investigated for Insider Trading Last Friday, hours before Binance’s listing announcement, a brand new cryptocurrency address was spotted to gain 12,721 SOL from a Binance withdrawal. Blockchain detective agency LookOnChain noticed that this fresh crypto wallet raised eyebrows due to purchasing 314M BOME tokens before BOME was listed on Binance. #Write2Erarn #BOME #Scam?

#Binance Sets $5M Insider Trading Bounty Linked to BOME Crash

Insider knowledge or sharp move? Freshly-arrived whale raises eyebrows with a hefty BOME buy before listing.

Newly-discovered crypto whale acquires 314M BOME before Binance’s listing.

Book Of Meme soars 22426% since inception but drops 51% days into listing.

Binance’s on-chain sleuths offer a bounty ranging from $100K to $5M.

The cryptosphere witnessed a scandal after insider trading rumors surfaced about Book Of Meme (BOME), an emerging memecurrency with a $750 million market cap. Binance became one of the earliest centralized adopters of the BOME memecoin. On March 16, 2024, the crypto giant added support for BOME and Spot trading pairs for BOME/BTC, BOME/USDT, BOME/FDUSD and BOME/TRY. 

Listed on the platform with an inspection tag called the Seed Tag, the Solana-based memecoin has been under a magnifying glass since day one. However, it fell into a scandal due to ‘Rat House’ allegations, which is a term used to describe insider trading. In response to this, Binance launched an internal investigation and urged crypto traders with relevant information to approach the team at audit@binance.com, according to Binance’s Chinese X account.

To speed up the investigative process, Binance has put up a bounty, ranging from $100K to $5 million, to collect the information relevant to fraudulent behavior. The scrupulous approach by Binance detectives returned no inside trading proof on the preliminary investigation, while the reward is given upon verification that a Binance staff member has exploited their status.

Here’s Why BOME Is Investigated for Insider Trading

Last Friday, hours before Binance’s listing announcement, a brand new cryptocurrency address was spotted to gain 12,721 SOL from a Binance withdrawal. Blockchain detective agency LookOnChain noticed that this fresh crypto wallet raised eyebrows due to purchasing 314M BOME tokens before BOME was listed on Binance.

#Write2Erarn #BOME #Scam?

Disclaimer: Includes third-party opinions. No financial advice. See T&Cs.
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Bitcoin price crash alert: Analyst predicts ETF-driven plunge, time to sell? Bitcoin [BTC] long-term holders (LTH), understood to be the cohort holding the asset for at least six months, become a widely-discussed topic during a bull market. This is because they target this phase for profit-taking after quietly accumulating during the bear market. LTH selling to increase in the days to come? An on-chain analyst and verified author at Crypto Quant drew market’s attention towards a likelihood of LTH increasing their deposits to exchanges in the days ahead, fueling speculation and anxiety. The forecast was linked to the sharp drop in inflows to Blackrock’s IBIT spot ETF, the second-largest in terms of overall holdings, and the one which led the wave of inflows over the past two months. Indeed, daily inflows into the $15 billion-strong Bitcoin investment fund have been on a downhill after peaking earlier in the month, according to AMBCrypto’s analysis of SoSo Value data. On the 22nd of March, just about $18.89 million in Bitcoins was purchased, compared to nearly $45 million on the 12th of March. Explaining the scenario, the researcher stated that most of the transactions between the LTH and BlackRock have happened over-the-counter (OTC) in the last two months. This meant that despite a sharp drop in their holdings, LTH didn’t have to deposit their coins to exchanges, unlike the previous bull cycles. However, decreasing inflows to BlackRock suggested that demand was weakening. The researcher noted, “If this is just temporary, then there may not be any issues. However, if it persists, there is a possibility that long-term holders may start depositing Bitcoin into exchanges in the same way as before. If that happens, the likelihood of price dumping increases.” #Write2Erarn
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Analyst Names Key Reason Behind Disastrous Grayscale's Outflows Mar 23 BTCUSD +1.30% LINKUSD +0.66% BTCTUSD +1.22% BTCUSDC +1.51% On March 21, Grayscale's Grayscale Bitcoin Trust (GBTC) recorded another $359 million worth of outflows. GBTC's massive outflows have been the main bearish narrative as of recently. Who's behind the massive outflows? ETF analyst Eric Balchunas believes that the massive uptick in outflows could be related to bankruptcies due to their sheer "size and consistency." Even though there is some speculation about retail investors potentially jumping ship due to declining Bitcoin prices, Balchunas has noted that outflows would have been smaller and more random in such a case. Retail-driven outflows, for instance, were observed in February, according to the analyst. Balchunas has added that the worst might be already over, and retail is extremely unlikely to match these outflows alone. "Takeaway: the worst is prob close to being over. Once it is, only retail will be left and flows should look more like the Feb trickle," he added. A bearish signal? Speaking of the waning inflows recorded by the likes of BlackRock and Fidelity, the expert has acknowledged that they are "low" for their standards. However, it is also important to put things into perspective: last week, for instance, their ETFs experienced "outrageously" high inflows. Earlier this week, Singapore-based cryptocurrency trading firm QCP Capital opined that a net negative for Bitcoin ETF would be a significant bearish signal. Yet, it is worth mentioning that other ETFs are still seeing minor inflows. The largest cryptocurrency is currently struggling to gain a footing above the $66,000 level. #Write2Earn
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