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.
Upon receiving information about the large BOME transaction, we immediately initiated an internal investigation, and the results showed that the user is not a member of Binance staff.
Transparency is a top priority at Binance, and our investigations team will continue to Look
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.
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