Binance Launches Internal Inquiry into Allegations of Insider Trading Involving Book of Meme (BOME) Coin”
Binance has initiated an internal investigation in response to growing concerns and community discussions surrounding potential insider trading linked to the Book of Meme (BOME), a meme coin operating on the Solana blockchain.
In an official statement released on Monday via the X platform, Binance announced the commencement of an internal probe into the matter. The exchange aims to determine whether any Binance personnel were involved in the alleged misconduct.
Preliminary findings from Binance’s internal investigation indicate no connection between the individual in question and the exchange. Binance encourages individuals with information regarding any wrongdoing, including insider trading or misconduct related to currency listings, to come forward. The exchange has also offered rewards ranging from $100,000 to $5 million for verified reports while ensuring the anonymity of whistleblowers.
These developments follow Binance’s recent announcement of plans to list BOME on its platform, introducing spot trading pairs including BOME/BTC, BOME/USDT, BOME/FDUSD, and BOME/TRY, effective from March 16 at 12:30 UTC.
Additionally, on-chain data firm Lookonchain reported on X that a wallet withdrew 12,721 SOL worth approximately $2.3 million from Binance and purchased 314 million BOME at $0.0074 before its listing, based on data from Solscan.
Following the listing announcement, the value of BOME surged significantly, experiencing a 345% increase to $0.02703, with its trading volume rising by 262% to $3.8 billion.
The case highlights the issue of insider trading within the cryptocurrency industry. Notably, previous instances include a former Coinbase product manager sentenced to prison for insider trading, and another case involving the former Head of Product at OpenSea charged with wire fraud and money laundering related to insider trading in NFT.
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