Binance co-founder Yi He announced a bounty of up to $5 million for information exposing corrupt employees, following accusations that token listings were leaked ahead of time. This came after the recent price plunge of Ronin (RON) right after being listed on Binance. Some speculated an internal leak was the cause, but Binance found that users had discovered blockchain data indicating the exchange was preparing to receive RON.
In the weeks prior, a oinbase">Coinbase director speculated that “rogue employees” may be leaking token listing info based on certain wallets buying tokens right before Binance listings and then selling after.
To address this, Yi He said Binance is overhauling its listing process with stricter controls and penalties for leaks. Leaks will first warrant a warning, but second offenses will result in firing. The bounty of up to $5 million is for verified tips on corrupt staff related to listings or elsewhere.
Binance will also blacklist projects that hire fired staff and require background checks. External communications will be tightened to cancel listings if leaked prematurely. The exchange aims to improve technical monitoring, as scripts may be tracking Binance to take advantage of leaks.
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