PANews reported on March 25 that according to Binance's official announcement, its internal audit team received a report on March 23 that an employee was suspected of using insider information to conduct "front-running" to seek improper benefits. An internal investigation confirmed that the employee previously worked in a business development position at BNB Chain and was transferred to the Binance Wallet team only one month ago. Although the current position does not have access to relevant project information, the employee used the project token generation event (TGE) plan mastered by his previous position to purchase a large number of project tokens through multiple associated wallets in advance, and partially cashed out after the news was announced to obtain considerable profits, which constituted a serious violation of company regulations.
Binance has immediately suspended the employee involved and will cooperate with the law enforcement agencies in their respective jurisdictions to handle the case in accordance with the law. The relevant assets will also be disposed of in accordance with regulations. At the same time, Binance will issue a total of $100,000 in rewards to users who submit valid clues through the official reporting mailbox (audit@binance.com), which will be equally divided among the four real-name reporters.
It was reported last weekend that a suspected Binance Wallet employee made a profit of over $110,000 by trading UUU on the BSC chain .
