Representatives of the world's largest cryptocurrency exchange Binance rejected accusations of insider trading after the listing of the memcoin BOOK OF MEME. The company has offered between $100,000 and $5 million for information about this or other insider trading incidents.

The listing of BOOK OF MEME (BOME) was announced two days ago. The exchange explained the decision to list the asset due to its high market capitalization and trading volumes on the market.

Amid the announcement of the listing on Binance, the price of meme coin increased by 3000% – from $0.0008 to $0.028 at its peak. As a result, a number of early investors were able to make significant profits. One of the presale participants, having invested only 102 SOL ($20,000), then sold BOME tokens on the day of listing on Binance for 34,647 SOL ($7 million).

One of the largest BOME holders among those participating in the presale was a user under the nickname sundayfunday.sol. He invested 420 SOL ($84,840) and on the day of listing his unrealized income reached 183,860 SOL ($37.13 million). The investor still holds almost 1.24 billion BOME on his balance sheet.

Binance said that based on its investigation, all of these early investors have nothing to do with the exchange.

Earlier, the US federal appeals court resumed hearings on the lawsuit of a group of investors against the world's largest cryptocurrency exchange. Investors accuse the trading platform of violating US securities laws by selling unregistered tokens.