Binance announces “extraordinary measures” following investment insider suspicion surrounding Ronin listing

RONIN plummets immediately after listing announcement

Binance (global version), a major crypto asset (virtual currency) exchange, has announced new countermeasures regarding insider trading.

Thank you very much for your support, love for the heat, and support for my friends. In the past, there has been a fierce review of the information leaked from the upper level of the RONIN, usually it is one small change of the current item, the company district has been kept warm, but now the RONIN upper level has been announced after the RONIN has been lowered. ward intense Review, the internal review is now published…

— Yi He (@heyibinance) February 5, 2024

This is in response to the fact that the newly listed virtual currency Ronin (RON) soared in price before the listing was announced and then plummeted immediately after the listing was announced, and suspicions of insider information leaking and market manipulation were raised. This is part of the temporary measures.

According to cryptocurrency data site CoinGecko, Ronin’s price rose more than 30% in the week before the Binance listing announcement, but fell more than 26% on the day of the announcement, raising suspicions that the stock was sold off due to insider information.

This sparked a heated debate in the community, and Binance conducted a detailed internal investigation. Although there were concerns that information might have been leaked from within Binance, the company concluded that “it is highly likely that an outsider collected and misused information on the public blockchain.”

Review of token listing process

In response to concerns raised by Ronin’s listing, Binance co-founder Yi He announced the following measures to overhaul Binance’s token listing process.

• Inside Binance: Strengthening management of listed team
• Improved communication with external partners
• Enhanced technical monitoring: Increased monitoring of Binance trading pairs and announcement scripts
• Clarification of initial listing public offering window: Disclose contact information for token listing
• Setting up bounties for insider trading information
• Sanctions on employees and related projects who leaked information

Operations and research teams involved in token listing will be subject to stricter internal controls and isolation. If information is found to have leaked within a project, the first violation will result in a warning, and the second warning will result in disciplinary dismissal.

If there is any information leakage during communication with outside parties, measures will be taken to cancel the listing. If there is information leakage after the listing is announced, the listing will be put on hold and a decision on listing will be made after an investigation.

Additionally, Binance welcomes any information regarding listing-related or other fraudulent activities. If a Binance employee is found to have committed fraud, the anonymity of the informant will be protected and a security vulnerability reward of between $10,000 and $5 million (approximately 1.48 million yen to 739.5 million yen) will be awarded. will be paid.

Furthermore, if the employee who committed the fraud joins a project or fund after being fired, the company warned that the project or fund will be permanently blacklisted by Binance.

To avoid such situations, major funds were advised to contact Binance regarding candidate background checks before offering employment.

About Ronin

Ronin Network is a blockchain specialized for games. It started as a dedicated sidechain for the popular blockchain game Axie Infinity, and has now grown into an NFT scaling solution for games led by developer Sky Mavis.

The price of Ronin’s native token RON was in the doldrums in March 2022 following the hack of the Ronin bridge connecting the Ronin Network and the Ethereum chain, but since October last year it has risen dramatically as the network has grown.

On the 2nd, the US virtual currency exchange Coinbase announced RON as a candidate for a new listing.

connection:Game-specific blockchain “Ronin” price soars due to sudden increase in monthly activity

connection:Coinbase selects gaming-specific blockchain “Ronin” as a candidate for initial listing

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