coinspress.com
Binance addressed concerns regarding a sizable transaction involving the memecoin Book of Meme (BOME), stating that it is unrelated to Binance staff and dismissing suspicions of insider trading.
In a post on X, Binance announced that upon receiving information about the transaction, they promptly conducted an internal investigation, confirming that the user involved is not affiliated with Binance staff.
The exchange, recognized as the world’s largest in the crypto market, also announced a reward ranging from $100,000 to $5 million for users who report any instances of fraudulent behavior.
Binance’s response follows a report by on-chain data firm Lookonchain on X, revealing a wallet withdrawal of 12,721 SOL (worth approximately $2.3 million) from Binance to purchase 314 million BOME tokens at $0.0074 each, as indicated by data from Solscan.
A fresh wallet withdrew 12,721 $SOL($2.3M) from #Binance and bought 314M $BOME at $0.0074 in the past 30 mins.
Does He know something we don't?🤔https://t.co/cDrm9SOtOB pic.twitter.com/g6GbCbZb1L
— Lookonchain (@lookonchain) March 15, 2024
Lookonchain questioned whether the transaction signaled undisclosed information.
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Subsequently, on Saturday, Binance introduced BOME trading pairs including BOME/BTC, BOME/USDT, BOME/FDUSD, and BOME/TRY. Since then, the price of BOME on the exchange has surged by over 1500%.