Binance Addresses Concerns Over Book of Meme (BOME) Transaction Amid Insider Trading Suspicions
Binance addressed concerns regarding a sizable transaction involving the memecoin Book of Meme (BOME), stating that it is unrelated to Binance staff and dismissing suspicions of insider trading.
In a post on X, Binance announced that upon receiving information about the transaction, they promptly conducted an internal investigation, confirming that the user involved is not affiliated with Binance staff.
The exchange, recognized as the world’s largest in the crypto market, also announced a reward ranging from $100,000 to $5 million for users who report any instances of fraudulent behavior.
Binance’s response follows a report by on-chain data firm Lookonchain on X, revealing a wallet withdrawal of 12,721 SOL (worth approximately $2.3 million) from Binance to purchase 314 million BOME tokens at $0.0074 each, as indicated by data from Solscan.
A fresh wallet withdrew 12,721 $SOL($2.3M) from #Binance and bought 314M $BOME at $0.0074 in the past 30 mins.
Does He know something we don't?🤔https://t.co/cDrm9SOtOB pic.twitter.com/g6GbCbZb1L
— Lookonchain (@lookonchain) March 15, 2024
Lookonchain questioned whether the transaction signaled undisclosed information.
READ MORE: Vanguard CEO: Bitcoin Must Evolve for Consideration as Investment Option
Subsequently, on Saturday, Binance introduced BOME trading pairs including BOME/BTC, BOME/USDT, BOME/FDUSD, and BOME/TRY. Since then, the price of BOME on the exchange has surged by over 1500%.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
