Binance Co-Founder Says up to $5,000,000 Rewards Available for Information on Pre-Listing Insider Trading

Binance Co-Founder Says up to $5,000,000 Rewards Available for Information on Pre-Listing Insider Trading

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Binance will pay up to $5 million to anyone who can unearth corruption in the exchange’s crypto asset listing process, according to the company’s co-founder.

On Monday, the top global crypto exchange announced it would list Ronin (RON), a gaming-focused Ethereum (ETH) sidechain.

The asset, however, had already surged 100% in price over the past month, and it promptly crashed by more than 28.5% in the hours after Binance’s public listing notice.

Yi He, Binance’s co-founder and chief customer service officer, notes that the company did an internal investigation and realized that the exchange’s acquisition of RON tokens for users was detected by the outside world.

The Binance executive says the company plans to make adjustments and “strengthen internal management” of their crypto-asset listing process. She also notes that future leaks will result in canceled listings.

Additionally, the co-founder says Binance will offer a high reward to anyone who exposes leakers at the exchange.

“If you verify that Binance team members are corrupt, we will keep your identity confidential and provide you with a security vulnerability bonus of US$10,000 to US$5 million. It is much easier and more profitable than the rat warehouse.”

Sky Mavis, the firm behind the popular gaming project Axie Infinity (AXS), launched Ronin in 2021.

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