Binance Employee Suspended for Insider Trading, $100,000 Reward for Whistleblowers

An employee at Binance has been caught engaging in insider trading and front-running activities, utilizing confidential information from his previous role at BNB Chain to profit from a token generation event. The employee, who was part of the Binance wallet team, had access to non-public information about on-chain projects and an upcoming token generation event (TGE).

Prior to the official token launch, the employee purchased a significant number of tokens through multiple wallets. After the announcement, he sold a portion of these tokens to realize substantial gains. A considerable amount of tokens with unrealized gains are still held by the employee. This breach of company policy, where non-public information was used for personal financial gain, led to the employee's immediate suspension. Further disciplinary actions and potential legal proceedings are being planned by the company.

In response to this incident, Binance has pledged to enhance its internal controls and refine its policies to prevent similar occurrences in the future. The company reiterated its commitment to fairness, integrity, and transparency in its operations. A reward of $100,000 will be distributed among four whistleblowers who informed the audit team about the insider trading. However, only reports received through Binance’s official email will be eligible for the reward.

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