On the 25th (local time), Binance Wallet announced through X that an employee was engaged in "front-running" to gain unfair benefits using insider information.
The company said it had received a complaint on the 23rd about allegations that an employee who joined Binance Wallet last month had been conducting business on the BNB Chain.
The employee is accused of using information he gained in his previous role in development to pre-execute transactions for certain project tokens.
Binance Wallet said the employee was planning a Trade Generator Generator Token (TGE) event and predicted this would generate significant community interest.
They claim that they used the cryptocurrency to purchase a large amount of project tokens, and after the token issuance was announced, they quickly sold some of the tokens they held, making a huge profit.
The employee is also accused of violating company policy and trading on non-public information. Binance Wallet will immediately dismiss the employee.
The company said it had suspended the employee and was waiting for further disciplinary action. It plans to cooperate with the relevant authorities and take legal action. Meanwhile, it has not disclosed the name of the employee, but said that an investigation was launched after the allegations were made at X.
In addition, Binance Wallet revealed that in order to protect whistleblowers, they will be asked to report via email and will offer a total of $100,000 in compensation anonymously.
I did.
2025/03/26 10:13 KST
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