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Home»EXCHANGE NEWS»Binance $5M Bounty Program Exchange Bounties Seek Up to Snuff After Ronin RON Crash
EXCHANGE NEWS

Binance $5M Bounty Program Exchange Bounties Seek Up to Snuff After Ronin RON Crash

By Crypto FlexsFebruary 12, 20244 Mins Read
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Binance M Bounty Program Exchange Bounties Seek Up to Snuff After Ronin RON Crash
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Cryptocurrency exchange Binance this week unveiled comprehensive anti-corruption measures, including a bounty worth up to $5 million, following allegations of insider trading related to its recent token listing. The incident involves the Ronin token, which powers the popular blockchain gaming network Ronin.


TLDR

  • Binance has offered a $5 million reward for information on potentially corrupt employees after accusations that its listing process was leaked.
  • The Ronin (RON) token plunged 18% in the first hours of its listing on Binance, sparking insider trading speculation.
  • Binance co-founder Yi He announced an overhaul of the listing process, including stricter controls, firings for leaks, and rewards of up to $5 million for verified corruption information.
  • The case echoed claims in late 2022 that Coinbase employees tipped off colleagues about future listings for profit.
  • His actions aim to root out corruption through bounties and threats, but they may be overcompensating due to the legal issues facing Binance’s founders.

Ronin Token (RON) is up more than 30% in the week ahead of its Binance listing announcement on February 5th. However, it plummeted 18% just one hour after trading began, raising the possibility that prior information may have been leaked.

Binance co-founder Yi He said that although the exchange’s listing announcement was encrypted, through blockchain data, users discovered that Binance was preparing Ronin support. But that explanation did not alleviate accusations of insider trading.

I would like to thank all my friends who care, love, and support Binance today. I also received many suggestions and read them carefully. In the past, there have sometimes been heated discussions about currency listing information leaks on Binance, mainly for projects that have not yet launched tokens. It’s not uncommon for communities to over-promote to maintain popularity, but these days, Ronin’s price drop sparked heated discussion within the community following the announcement of Ronin’s listing, and an internal investigation revealed that the former combined company…

— Heo Yi (@heyibinance) February 5, 2024

Notably, this is not the first time Binance has faced such claims. In late 2022, Coinbase directors speculated that Binance listings could be leaked early based on the trading patterns of certain wallets. The wallet purchased the tokens right before the Binance listing and immediately sold them for a quick profit.

In response to the Ronin incident, Yi He unveiled a comprehensive anti-corruption initiative, offering rewards of between $100 million and $5 million for verified information that exposes Binance employees involved in illegal activities. She said collecting a bounty would be “much easier and more profitable” than engaging in corruption.

Binance has also introduced stricter controls and policies for the listing process. For example, a listing may be canceled due to a future leak, or a pending listing may be extended due to information leaked after an announcement. Additionally, employees involved in the listing will be subject to stricter supervision, including warnings and termination for multiple violations.

The exchange also threatened to permanently blacklist external cryptocurrency projects that hire former Binance employees who were fired over corruption charges. Yi He warned people to do a background check with Binance before hiring them for the project.

Binance’s strong response is aimed at rooting out misconduct, but some speculate that the legal challenges faced by its founders could lead to excessive redress. Binance co-founder Changpeng Zhao remains in the United States awaiting sentencing after pleading guilty to money laundering charges.

Nonetheless, the $5 million bounty represents a bold deterrent to abuse of inside information. This reflects similar initiatives by other exchanges facing corruption issues. At Coinbase, for example, an employee was sentenced to prison last year for tipping off colleagues about an upcoming token listing.

As the cryptocurrency industry continues to work to strengthen trust and transparency, the crackdown on unethical behavior will accelerate. But rooting out insider trading and corruption is likely to remain an uphill battle.

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