Binance denies insider trading allegations after purchasing BOME whale before listing

Binance has denied any involvement in the massive pre-listing trading of Book of Meme (BOME) amid insider trading allegations on social media.

The world’s largest cryptocurrency exchange said it “immediately” launched an internal investigation after receiving information about the transaction.

“After inspection, we found that the user was not a Binance employee,” it said on March 18. post “We are currently offering a reward of between $100,000 and $5 million to any user who reports fact-listing-related or other fraudulent activity.”

Large BOME Purchase Marked by On-Chain Tracking Platform

Binance’s The response comes after Lookonchain revealed in an X post on March 15 that a wallet withdrew 12,721 Solana (SOL), worth about $2.3 million, from the exchange. Not long after, the same wallet 314 million BOME purchased $0.0074.

This has led Lookonchain to question whether investors know something the rest of the market doesn’t.

12,721 was withdrawn from the new wallet. $SOLFrom ($2.3 million) #Binance And I bought 314M $TREES It was $0.0074 in the last 30 minutes.

Does He Know Something We Don’t?🤔https://t.co/cDrm9SOtOB pic.twitter.com/g6GbCbZb1L

— Lookonchain (@lookonchain) March 15, 2024

Binance With the listing of a new Solana-based meme coin on March 16, the value of the altcoin soared more than 1,500% on exchanges.

The price of BOME is after Edited, down 29% over the past 24 hours and trading at $0.01322 as of 5:45 a.m. ET. Despite this decline, Meme Coin is still up 1,357% since it began trading.

Crypto community concerned about Binance’s listing strategy

Binance’s response resonated with X. Some members of the cryptocurrency community still trust The idea is that someone on the exchange might have something to do with the huge deal.

Many

The rapid listing of coins on Binance as quickly as 2 days ago is of interest. @GaryGensler and @SECGov
A build requirement of 0 (zero) is dangerous! This action has had a negative impact on cryptocurrencies and will be a good addition to the trial… pic.twitter.com/V9uqeV3ADn

— Errand Gotham (@Fitny4) March 18, 2024

Others in the cryptocurrency industry have tried to capitalize on BOME’s momentum by launching a new meme coin named Wine of Bome (WOME). Since the launch of cryptocurrency to rapidly increase It’s over 728%.

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