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Binance Denies Accusations of Insider Trading of BOME Meme Coin

Binance employees are not associated with the address that has accumulated 314 million BOME (~$5.14 million), according to the platform's investigation. Earlier, suspicions arose in the community of organizing insider trading in a token from the Solana ecosystem.

“Upon receiving information about a significant transaction with BOME, we immediately initiated an internal investigation. The results showed that the user is not a Binance employee. […] We will continue to carefully review this matter. The platform offered a reward of $100,000-5,000,000 to any users who report listing-related or other fraudulent behavior,” Binance commented.

On the eve of the listing of the asset on the exchange, the owner of the wallet withdrew 12,721 SOL ($2.3 million) from Binance and bought 314 million BOME with it within 30 minutes. This was noticed by Lookonchain.

“Does he know something that we don’t know?” the experts asked.

March 16 Binance added to the list of traded instruments of the BOME/BTC, BOME/USDT, BOME/FDUSD and BOME/TRY pairs. Also asset listing spent KuCoin, Gate.io, MEXC, HTX and Crypto.com

Since then, Book of Meme’s instant quotes have jumped 457 times, from $0.000058 to $0.026886. Capitalization reached $1.46 billion.

On March 16-18, meme coins became one of the areas of increased interest in the market. According to the latest data, the daily increase was – SHIB (+2.7%), WIF (+18.9%) and BONK (+0.2%). BOME and another “newbie” CORGIAI demonstrated significant dynamics in terms of capitalization and price.

The excitement pushed up the rate of native tokens of the networks on which they were issued. Solana coin (SOL) added 7.8%rising to $201, and Avalanche (AVAX) grew by 12.8%.

A Solana trader missed out on $1 million in profits from the BOME meme token. He managed to make money on growth of over $100,000, but after the sale, the asset’s quotes increased even more.

In February 2023, Binance co-founder He Yi announced a reward ranging from $10,000 to $5 million for confirming employee corruption while maintaining anonymity for the complainant.

Source: Cryptocurrency

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