Binance Just Caught an Insider Playing Dirty
š Binance confirmed that one of its own employees used insider knowledge to drop a token seconds before an official Binance Futures announcement ā copying the name and visuals to siphon attention and profit from confused traders.
š The token ā year of yellow fruit ā was minted on-chain at 05:29 UTC, and less than a minute later, its branding appeared in the @BinanceFutures tweet. The idea was simple: users would rush to buy the āofficialā token, but some would mistakenly pump the fake one first.
š Binance moved fast: the employee was immediately suspended, a lawsuit is being prepared, and authorities in the employeeās jurisdiction were contacted for criminal proceedings.
š Five whistleblowers who reported the misconduct through the official audit@binance.com channel will receive $100,000 each. Public reports on X were acknowledged ā but only official submissions qualify for rewards.
š Binance says it will tighten internal controls, upgrade policies, and continue enforcing zero-tolerance measures against misconduct inside the company.
āļø Even the biggest exchanges arenāt immune to internal rats. But the speed of Binanceās response ā and a $500K whistleblower payout ā shows one thing clearly: in this market, transparency isnāt optional. Itās survival.
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