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Binance launches investigation into alleged “BOME” memecoin insider trading incident



In response to recent discussions surrounding the purported listing of BOME memecoin, Binance, the cryptocurrency exchange has started an internal investigation.

The company said, “Recently, we have noticed discussions in the community about the so-called Binance “BOME rat warehouse” incident.” 

“We take this information very seriously and immediately launched an internal investigation based on relevant leads,” it added.

BOME is a memecoin launched on the Solana network that aims to redefine web3 culture by combining memes, decentralized storage solutions, and degen shitcoin trading. 

BOME introduces itself as an initiative that will expand to include Solana and Arweave, with IPFS as the primary repository and Bitcoin inscriptions for immutable storage, fostering a new dimension of decentralized social media and making memes unstoppable.

The project gained rapid popularity, exceeding a market value of $1 billion within a short time, leading to its listing on Bybit and subsequently on the spot market on Binance. 

The listing has attracted significant attention due to BOME’s popularity and trading volume surge. Binance introduced a USDT-margined BOME Perpetual Contract, offering leverage of up to 50x for traders interested in this meme coin.

On the other hand, its concerns about insider trading emerged when a wallet withdrew a large amount of SOL from Binance and purchased 314 million BOME tokens just before Binance listed the memecoin. This raised suspicions of potential insider trading activities surrounding the BOME listing.

Following the first investigation, the exchange said there’s no connection of insider trading with any staff of Binance. As part of its commitment to transparency and accountability, Binance announced that it encourages reporting any suspicious activities related to currency listing or other forms of corruption. 

In cases where Binance team members are found to be involved in misconduct, the company pledges to provide rewards ranging from US$100,000 to US$5 million while ensuring the confidentiality of the reporter’s identity.

For those who wish to report suspicious activities or provide information related to the investigation, Binance has provided an email address:

Read also; UK Judge Rules: Craig Wright, not Satoshi Nakamoto or Bitcoin Whitepaper author

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