- Binance is looking into claims that someone with inside information made a big purchase of tokens before they were listed.
- Exchange says they didn’t do insider trading and will give up to $5 million for anyone who tells them about insider trading.
- Trader lost a lot of money by selling BOME tokens too soon when the market was very excited.
After the meme token Book of Meme (BOME) was added to Binance, people have accused some traders of trading unfairly because they had special information. Binance is now looking into the situation.
The argument started when a rich person bought a lot of BOME tokens just before they were listed on Binance. The whale bought $2. 3 million worth of tokens on the Raydium exchange, and this made people in the community suspicious, especially because the token value went up a lot after that.
The token’s price went up a lot, from $0. 0074 to $0026 This made the whale’s investment worth about $8 million. It got people who like cryptocurrency talking a lot.
Binance responds with an investigation and rewards program
Binance quickly said they will investigate possible insider trading linked to the BOME listing after the accusations were made. Despite people thinking that the trade was connected to people from the exchange, Binance said that the person being looked at is not linked to the platform.
Not stopping because of the accusations, Binance asks people to stay watchful and keep reporting any cheating or bad behavior. They promise to be open and honest in the market.
Additionally, Binance introduced a program to reward users who report any suspicious activities on the exchange. Binance is offering a reward of $100,000 to $5 million for people who give them information. They will keep the person’s name secret and will look into the information carefully. They will also tell the public what they find out. Binance wants to create a culture where people take responsibility and work together. This will help make trading fair and protect against unfair practices.
Mixed fortunes amidst BOME frenzy
Some people made a lot of money with Solana memecoin, but others did not. On March 15, someone sold their BOME tokens too early and missed out on making a lot of money. The next day, the value of the tokens went way up.
The trader sold 170 million tokens for only $131 thousand and now regrets it because the value of the tokens has gone up a lot. At today’s prices, the tokens would have sold for a huge $2. 3 million, showing how the cryptocurrency market can change a lot and be hard to predict.
Warning: The information given is not advice for trading.
