Binance responds to Insider Trading Allegations amid BOME Listing

The Binance crypto exchange commented on rumors of insider trading on the platform after the unexpected listing of the memcoin BOOK OF MEME (BOME). The company denied the allegations and offered a reward of up to $5 million for evidence to the contrary.

"According to the results of our preliminary investigation, the people mentioned in the publications of community members have nothing to do with Binance," the company said.

The exchange also offered from $100,000 to $5 million for information about this or other incidents related to insider trading or violation of the law in general.

A new memcoin based on the Solana blockchain was released on March 14, 2024. Two days later, the exchange announced the listing of this asset, which caused a heated discussion in the community.

In particular, entrepreneur and crypto expert Ben Todar directly contacted the platform's support service for comment. They referred to the current indicators of the project.

In particular, the message refers to the capitalization of the asset. According to CoinMarketCap, it jumped to $1 billion during the day on March 16, 2024. That is, just before the listing.

Against the background of the listing news, the price of BOME jumped by more than 3000% — from $0.0008 to $0.028 at the peak. As a result, some of the early investors made significant profits.

For example, one of the presale participants received 34,647 SOL (almost $7 million) with an investment of 102 SOL ($20,600 at the time of writing). He sold the tokens on the day of the memcoin listing on the Binance exchange.

The largest BOME holder among the presale participants is a certain sundayfunday.sol. He has invested 420 SOL ($84,840 at the time of writing). On the day of listing, its unrealized profit, according to journalist Colin Wu, reached SOL 183,860 ($37.13 million).

Source: https://incrypted.com/binance-otvetyla-na-obvynenyja-v-ynsajderskoj-torgovle-na-fone-lystynga-bome/