Binance Takes On Insider Trading Allegations as BOME Spikes 1,500%? Offers Up to $5M for Whistleblowers

The Book of Meme (BOME) coin has taken the crypto market by storm, reaching a market cap of over a billion dollars within just 48 hours of its launch. Early investors have seen an impressive return on investment (ROI) of 40x, making it a sensation in the cryptocurrency space.

Within just two days after the massive spike, there are potential insider trading activity rumours encircling the coin. The news came after it announced its plan to add BOME to the trading platform. Binance in response, has launched an internal investigation to hush the insider trading blame. The move comes as BOME’s price experienced extreme volatility following its recent listing on the platform.

Binance’s Quick Response, a Plan to Divert Regulators?

In an official statement on X, Binance has refused such claims and added that they are investigating the case internally. The speculation regarding insider trading came to light after Binance announced plans to list BOME and open specific trading pairs. This announcement was fire in the overheated market which pulled a trigger for BOME’s price rise, prompting scrutiny from the crypto community.

Amid ongoing legal issues, Binance quickly addressed the rumour by launching an internal investigation to maintain fairness. The exchange remains committed to maintaining market integrity and providing equal opportunities for all participants.

Binance is offering rewards, Whistleblowers?

To get authentic information related to the case, Binance is encouraging individuals to report information related to the incident of insider trading on $BOME and is offering rewards ranging from $100,000 to $5 million.

Assurance of No Personnel Involvement

However, Binance has clarified that its personnel are not involved in the alleged insider trading activity surrounding BOME. The exchange’s preliminary findings have indicated no connection between its staff and the reported incident, alleviating concerns among users and investors.

As the investigation progresses, Binance has pledged to keep the public informed of any developments. The exchange remains committed to conducting a thorough inquiry into the allegations and maintaining transparency throughout the process.

Impact on Market Confidence

The BOME insider trading speculation underscores the importance of vigilance against market manipulation and insider trading practices. By taking proactive measures to address such concerns, Binance aims to uphold market confidence and ensure the integrity of the crypto ecosystem.

In the meanwhile, like other successful meme-coins, some investors have already reaped good rewards from BOME’s rise. For instance, one investor sold their entire 347 million BOME holdings for 34,647 SOL, totalling $6.58 million, marking a remarkable 340x gain from their initial $19,000 investment during the presale. However, the largest holder, known as sundayfunday.sol, currently possesses 1.242 billion BOME, valued at $29.8 million.