HomeNewsBinance Launches Investigation into Solana's BOME Insider Trading, Offers $5M Rewards

Binance Launches Investigation into Solana’s BOME Insider Trading, Offers $5M Rewards

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  • Binance initiated an internal investigation into the BOME rat warehouse incident, reassuring the crypto community of its commitment to transparency.
  • The listing of BOME on Binance led to a significant price surge, with crypto analyst PsyOpRick highlighting critical price levels to watch.

The most popular cryptocurrency exchange, Binance, was lately in the midst of a heated investigation into the Book of Meme (BOME), a meme coin based in Solana.

Previously, BOME activities has seen Solana surpass activity on the Ethereum network, as previously reported by ETHNews.

Binance Swift Response to Allegations 

The controversy arose from the “BOME rat warehouse” incident, which raised questions about potential insider trading. Binance quickly launched a thorough internal investigation to reaffirm its commitment to honesty and transparency in the market.

The first results of this investigation caused a sigh of relief in the cryptocurrency community as Binance explained that the person linked to the insider trading accusations was unrelated to the exchange, maintaining Binance’s operational confidence.

Of course, this disclosure greatly increased the community’s confidence in Binance’s moral standards.

Not only that, Binance has made a public appeal for information in an attempt to uncover any wrongdoing, such as insider trading or dishonest practices pertaining to token listings. The company is offering significant financial rewards, ranging from $100,000 to $5 million, in exchange for reliable tips while maintaining the anonymity of whistleblowers.

In order to uphold transparency, Binance has promised to keep the public informed of any new developments in this inquiry.

This action highlights the platform’s dedication to thorough investigation and transparent communication with its large user base, both of which are essential for maintaining confidence in the volatile cryptocurrency market.

In the midst of these investigations, Binance declared that it would list BOME, outlining particular spot trading pairs and waiving the listing fee. This choice caused BOME’s value to soar by 320%, demonstrating Binance’s enormous impact on token prices and market dynamics.

The listing of BOME and the erratic listings of tokens like RONIN and BLUR sparked comparisons among the crypto community, which in turn sparked discussions on the post-listing price path of BOME.

The mystery grew when it was discovered that one person had amassed an enormous 314 million BOME, which sparked rumors about insider knowledge and potential price changes.

Crypto Analyst Weighs In on BOME’s Price Dynamics 

On other hands, PsyOpRick, a crypto expert, added to the conversation by evaluating BOME’s price fall in a tweet.

Source: PsyopRick on X

He suggested that if the upper barrier is broken, BOME’s rising momentum may be rekindled, and if it is not broken, additional declines may be indicated, warning traders to proceed with caution. Many eyes are on this outlook.

At the time of writing, the price of BOME had fallen 20.07% in the last 24 hours, falling to $0.1357. But, this represents a significant increase of 1,388.45% over the past 7 days.

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Syofri is an active forex and crypto trader who has been diligently writing the latest news related to the digital asset sector for the past six years. He enjoys maintaining a balance between investing, playing music, and observing how the world evolves. Business Email: [email protected] Phone: +49 160 92211628