The cryptocurrency exchange Binance is once again embroiled in an internal corruption scandal. On December 7, Binance confirmed that an employee had unauthorizedly issued tokens and published the content of the token through the official account to earn personal profit. The incident quickly ignited public opinion and prompted Binance to initiate an investigation. Last night, it announced the suspension of the involved employee and reported the matter to judicial authorities, while anonymous whistleblowers could share a total whistleblower reward of $100,000.
Binance employee corruption storm! Official: Emergency suspension and report to judicial authorities
The official account of Binance Futures stated that the internal audit department received a report on December 7, claiming that an employee used undisclosed token information and published a post containing token text and images through the @BinanceFutures official account less than a minute after the token issuance.
(Binance shocked by internal corruption behavior, tweeting only after issuing tokens? Chinese community leader: Absolutely strict investigation)
Such a coincidental release time has raised community suspicions that the employee attempted to hype the market in advance for personal gain through their position. Binance stated that preliminary investigations have confirmed that the employee indeed improperly used text and images related to the token for posting, violating professional conduct guidelines and abusing their power.
We have suspended the involved employees immediately and proactively contacted relevant authorities in the jurisdiction where the employees are located to seek legal action.
The official reiterated its consistent zero-tolerance policy and promised to strengthen internal control systems to prevent similar incidents from happening again.
'Year of the yellow fruit' chaos, meme coin soars over 900%
The token 'year of the yellow fruit' issued this time soared rapidly after its release on December 7 at 1:29 PM, and became the market focus after being officially announced by Binance at 1:30 PM.
According to Dexscreener data, the coin peaked at $0.0061, with an FDV reaching $6 million, and has now fallen back to $1.5 million, a drop of over 74%. At that time, the hourly trading volume even exceeded $6 million.
It is reported that the token name for the year of the yellow fruit seems to originate from a post released by Binance's official account on December 4, which quoted Raoul Pal's previous remarks at the Binance Blockchain Week (BBW), encouraging traders to 'plant and expect a bountiful harvest', aligning with the yellow fruit images and text content released by internal staff.
The whistleblower system has achieved great success, with five people sharing a $100,000 reward.
Binance's announcement pointed out that the key to the rapid investigation was that multiple users submitted reports through the official channel [email protected]. After data comparison and verification processes, Binance confirmed that it would distribute a total of $100,000 in rewards to the first five whistleblowers who submitted correct information.
The official statement also emphasizes that only reports submitted through the official verification email are eligible for rewards, to avoid information disputes or risks to the whistleblower's personal safety caused by public posts.
This is not the first time Binance has reported internal corruption incidents. Binance Wallet stated in March this year that it had suspended an employee, claiming that the whistleblower accused the employee of using insider information from an upcoming token generation event to buy large amounts of tokens in advance and sell part of the holdings after the launch for huge profits.
(Binance employees expose 'mouse warehouse' scandal? Community verifies $UUU illegal insider trading suspicion)
This article 'Binance severely punishes corrupt behavior! Employees who privately issued tokens are suspended, whistleblowers share $100,000 reward' first appeared on Chain News ABMedia.
