Binance Investigates 300M BOME Token Pre-Listing Purchase In Insider Trading Scandal
Release: 2024/03/19 11:04 Reading: 760
- Original author：Bitcoinist
- Original source：https://bitcoinist.com/?p=288051
Crypto exchange Binance has investigated allegations of insider trading concerning the listing of Solana meme coin Book Of Meme (BOME).
Binance Investigates Insider Trading Claims
On March 14th, Pepe Meme artist Darkfarms introduced the Solana meme coin BOME. He initiated the token’s presale by sharing a Solana address on Twitter, where raised SOL funds were utilized to add liquidity.
Within three days, BOME skyrocketed from zero to a peak market value of over $2 billion (currently valued at $700 million) and secured a listing on the Binance exchange.
However, before the listing of the meme coin, a whale – a person or entity that holds a large amount of crypto – purchased 314 million BOME tokens for $2.3 million on the Raydium decentralized exchange (DEX) on March 15, at an average price of $0.0074 per token.
After the listing, the token’s value skyrocketed to $0.026, making the purchased tokens worth approximately $5 million. This suspicious transaction triggered community discussions, with some speculating about the possibility of insider trading.
Binance promptly responded to the allegations by launching an internal investigation into the insider trading claims linked to BOME’s listing on their exchange.
In a statement, Binance addressed the community’s concerns, stating that it takes such information seriously and is committed to conducting a thorough investigation. The exchange’s preliminary findings indicate that the individual named in the allegations has no connection to Binance.
Moreover, Binance expressed gratitude for the community’s vigilance and emphasized the importance of transparency and fairness. The exchange promised to continue investigating the matter in-depth to uncover the truth surrounding the allegations.
To encourage reporting any instances of currency quotation corruption or insider misconduct involving Binance team members, the exchange offered financial rewards ranging from $100,000 to $5 million while ensuring the confidentiality of the whistleblower’s identity.
According to CoinGecko data, the BOME token currently trades at $0.01114, marking a significant 51% decline from its listing price and all-time high (ATH) of $0.02689. Additionally, the trading volume has decreased by 35%.
OKX Founder Responds To Speculations
In contrast to Binance, the second-largest offshore exchange, OKX, has not listed any recent Solana meme coins. The founder of OKX, StarXu, has responded to speculations regarding this matter.
StarXu clarified that the OKX listing team’s primary focus is to discover valuable and promising utility tokens for their customers at an early stage. Unlike some exchanges, OKX does not entertain requests or pitches for listings.
Instead, the founder of OKX stated that they thoroughly researched potential projects in the market and closely monitored the performance of the tokens over a long period. Final listing decisions are made independently by OKX’s Listing Committee.
StarXu emphasized that repeatedly promoting or pushing tokens to OKX team members on Twitter will not influence the listing process in any way. He urged individuals to refrain from such activities and stated that they have no influence on the selection of tokens for listing on the OKX exchange.
Binance Coin (BNB) is trading at $543, down 4.8% in the past 24 hours.
Featured image from Shutterstock, chart from TradingView.com
Recent news
More>- 6 Best Cheap Crypto to Buy Now Under 1 Dollar November 25 – Arbitrum, Mina, Chiliz, Theta Fuel 11-26
- Pepe and Shiba Inu Face Strong Bearish Pressure: Is the Memecoin Market Losing Momentum? 11-26
- Meme coin prices dip; traders move to $40M Pepe Unchained ICO for massive potential gains 11-26
- Whale Moves 308B BONK Tokens to Coinbase Before Big Burn Event 11-26
- Why BTFD Coin, Pepe Coin, and Bonk Coin Are Top Meme Coins 11-26
- Missed the Pepe Coin Frenzy? This New Best Meme Coin is Here to Realise Your Dreams 11-26
- From Underdog to Top Dog: This Solana-Based Token Could Outperform Pepe by 100x This Year! 11-26
- Top 5 Crypto That Have Surpassed Their ATH In Recent Days! 11-26
- Best Wallet Soars Past $1M In Private Sale As Public Presale Starts Today For Web3 Wallet Built For 2024 Bull Run 11-26
Selected Topics
More>>-
- pepecoin Price Analysis
- This topic provides articles related to PepeCoin price, covering key PepeCoin insights and analysis
-
- pepe:meme star
- This topic provides articles related to the most promising meme, PEPECOIN, a project with the potential to become a mainstream digital currency. It has the advantages of decentralization, reliability, ease of use, fast speed, low cost and scalability, and is expected to be more widely used in the future
-
- pepecoin price prediction
- We’ve gathered facts about pepecoin’s success story and provided a pepecoin price prediction
Selected Articles
More>>- 1 Avalanche and Aptos rival raises over $600k in 2 weeks
- 2 Crypto Prices Today: Market Continues Rally With BTC, Pepe Coin, SEI Rising
- 3 Major Analyst Crypto Tony Bullish on These Meme Coins, But One Stands Out
- 4 MTAUR Ready to Crush DOGE and PEPE: 100x Price Growth Incoming?
- 5 Memecoins Surge in 2024, Popcat Leads with 7,621% YTD Gain, Outshining Top Crypto Tokens
- 6 PEPE Meme Coin Smashes ATH – See How Much an $83 Investment in Pepe Coin Last Year is Worth Now
- 7 Top 4 Altcoins At 70% Discounts – Last Chance!
- 8 Dogecoin Creator Proposes DOGE to NBA Legend Scottie Pippen
- 9 Top Analyst Who Predicted Dogecoin (DOGE) Last 170x Rally Forecasts New Parabolic Rise, Here’s His Price Target
- 10 New Solana Memecoin Trump Loves Elon to Rally 15,000% Before Exchange Listing, SHIB and Bonk Crash
ABOUT US
We are building the most influential，trusted information platform for aglobal community engaged in thd transformation of the financial system andthe emerging crypto economy.PEPE is an integrated platform for media,events,data & indices for the next generation fo investing and the future of money.
Get in touch with the PEPE team at admin@pepecoinbuy.com