Summary
TLDR: Binance faces allegations that an employee used insider access to boost the meme coin BOME, which saw a 3,000% price increase. Binance listed BOME unusually quickly, leading to suspicions of insider trading. Binance denies employee involvement and offers bounties for information on illegal activities. The whale who bought $2.3 million worth of BOME before the listing still holds their tokens despite a price drop. BOME is down 36% in the last 24 hours.
Key Points
1. Binance faced allegations of insider trading involving the meme coin Book of Memes (BOME), leading to a surge in its price by 3,000% within days.
2. The rapid listing of BOME on Binance within 48 hours of its creation raised suspicions, especially after a significant transaction made just before the listing resulted in substantial profits.
3. Binance responded to the accusations by launching an internal investigation and offering rewards for information on any illegal or unethical activities by its employees, while also facing questions about its token listing process and transparency.