On June 4, Binance confirmed and moved to limit the use of bots using Alpha, an initial access token distribution system.
In the post, Binance recently said that he recently detected a specific group using a bot to participate in the alpha activity that undermines the fairness of the Binance Alpha Points program. It added that it had taken measures to stop the activity. Exchange said.
Binance said that the use of the bot will be treated as a violation of Exchange. The company also said, “I have the right to cancel my account related to this activity and can impose further limitations if necessary.
Binance did not respond to the request of Cointelegraph at the time of publication.
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What is Binance Alpha?
Binance Alpha is an initial access hub inside the Binance wallet, and users can find the initial web 3 project, buy “alpha” tokens and collect alpha points before the potential exchange list. These are the points of the score system based on the wallet balance and trading activities that determine the qualifications of token generation events and air drops.
This program has become a major driver of BNB chain activities. According to the May report, more than 71% of the alpha tokens have been released in the BNB chain, the network has seen more than a million new addresses a day, and the weekly volume has surged.
This is not the first time the exchange has strengthened the implementation of the service. In early May, Binance announced that the Alpha platform has implemented a new comprehensive token review framework to remove tokens that do not meet certain quantitative and qualitative standards.
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Binance Alpha “AirDrops”
The service attracted a fair percentage of criticism, and some criticized the “Air drop” with the contract. Some users also raised concerns about the use of testnet to prevent the initial community building.
Air drop is a marketing and distribution method for the Cryptocurrency project to distribute free tokens to existing Cryptocurrency holders (or users who meet certain standards) to raise awareness, compensate for early supporters, or disperse token ownership. The recipient usually receives a token directly to the wallet.
Providing digital assets is a certain way to attract attention. For this reason, air drops are often at the center of fraudulent tactics, and bad actors use their wallets through fake campaigns using over -advertising.
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