Binance provides a $5 million reward for information after a “heated” discussion over the debut of the RON crypto on the exchange
According to the co-founder of Binance, if someone can prove that an exchange employee is corrupt, the exchange will pay $10,000 to $5 million.
Following a wave of allegations suggesting that Binance’s crypto token launch might be preempted as a result of leaks, the cryptocurrency exchange has instituted a $5 million reward for information leading to the identification of possibly dishonest employees.
Following Ronin’s (RON) recent price collapse following its listing, Binance co-founder Yi He said in a series of postings on February 5th that “heated discussions” had occurred in the community.
An internal Binance breach was mentioned by certain X community members as a possible explanation; however Yi He said that Binance came across blockchain data that users had unearthed, which showed the exchange getting ready to acquire the coin.
The coin of the gaming-focused blockchain known as RON had a price increase of more than 30% in the seven days before the announcement, according to statistics compiled by CoinGecko. After Binance said it would list it, its price dropped 18% in the hour and is already down over 26% for the day.
This happened only two weeks after Coinbase director Conor Grogan said he discovered several wallets that routinely bought tokens just before they were announced to be published on Binance and then sold them subsequently.
A “rogue employee connected to the listings team” or a trader who discovered test trade leaks on the exchange may be the culprits, according to Grogan’s speculation. The wallets might include information about fresh coin listings.
Yi He recently made an announcement in her X thread about the exchange’s plans to modify the way tokens are listed. One of these changes is a $5 million reward for information leading to the identification of dishonest employees, which is more than the possible earnings from the “rat warehouse.”
Members of the Binance team who work on token listings would be subject to more stringent restrictions; if they were to leak details about forthcoming listed projects, they would be punished with a warning at first and fired a second time, according to Yi. “I said,” he declared.
She went on to say that if anybody could prove that any member of the Binance team had been corrupt during the token listing process or elsewhere, the exchange would give a prize ranging from $10,000 to $5 million.
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