Binance Denies Insider Trading Suspicions After BOME Whale Purchase Before Listing

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Binance denied any involvement in a big pre-listing transaction for Guide of Meme (BOME) amid insider buying and selling allegations on social media.

The world’s largest crypto trade stated that it “instantly” initiated an inside investigation after it obtained details about the transaction.

“The outcomes confirmed that the person will not be a member of Binance workers,” it stated in a Mar. 18 put up on X. ”We’re at present providing a reward of 100,000 USD ~ 5 million USD to any customers that report fact-listing-related or different fraudulent behaviour.”

Massive BOME Buy Flagged By On-Chain Monitoring Platform

Binance’s response comes after Lookonchain stated in a Mar. 15 X put up {that a} pockets withdrew 12,721 Solana (SOL), value roughly $2.3 million, from the trade. Shortly thereafter, the identical pockets purchased 314 million BOME at $0.0074.

This brought about Lookonchain to query whether or not the investor knew one thing that the remainder of the market didn’t.

A contemporary pockets withdrew 12,721 $SOL($2.3M) from #Binance and purchased 314M $BOME at $0.0074 previously 30 minutes.

Does He know one thing we do not?🤔https://t.co/cDrm9SOtOB pic.twitter.com/g6GbCbZb1L

— Lookonchain (@lookonchain) March 15, 2024

Binance listed the brand new Solana-based meme coin on Mar. 16, which led to the altcoin’s worth skyrocketing greater than 1,500% on the trade.

BOME’s worth has since corrected, and suffered a 29% drop over the past 24 hours to commerce at $0.01322 as of 5:45 a.m. EST. Regardless of this pullback, the meme coin continues to be up a stratospheric 1,357% because it began buying and selling.

Crypto Group Involved About Binance’s Itemizing Technique

The reply by Binance brought about fairly a stir on X. Some members within the crypto neighborhood nonetheless imagine that somebody on the trade could have had one thing to do with the whopping transaction.

Many X customers questioned why the main crypto trade is itemizing tasks which can be only some days previous, whereas cryptos with “actual worth” need to “beg” for Binance to note them.

Merely such quick itemizing “random” and “nameless ” 2 days previous coin duper quick itemizing on Binance is matter of curiosity for @GaryGensler and @SECGov 0 (Zero) construct necessities is harmful! This motion had damaging influence on cryptocurrency surly shall be Good addition to trial… pic.twitter.com/V9uqeV3ADn

— Errands Gotham (@Fitny4) March 18, 2024

Others within the crypto area seemed to capitalize on BOME’s momentum by launching a brand new meme coin with the title Spouse of Bome (WOME). Since being launched, the crypto has surged over 728%.