Binance Wallet: Suspended Employee Profited From Privileged Information
🚨 Binance Wallet Insider Trading Scandal: Employee Profited Bigly 💸
Binance Wallet, that bastion of cryptocurrency virtue, has been caught with its hand in the cookie jar.
Employee Profits Using Non-Public Information: A Tale of Greed and Deceit
Binance Wallet, that paragon of transparency, has stated that none of its current team members were involved in insider trading, as alleged in a complaint filed with Binance’s internal audit team. However, an investigation following the complaint determined that an employee may have leveraged information from their previous position at BNB Chain to engage in front-running trades.
In a statement shared on the social media platform X, Binance Wallet confirmed that the employee had indeed used their knowledge in violation of company policy. According to the statement, the employee used multiple linked wallet addresses to purchase a large volume of the project’s tokens. Immediately after the official launch of the token sale, the employee sold some of the tokens, realizing “significant gains.”
As per a post on X by Wu Blockchain, the Binance Wallet employee identified as Freddie Ng realized a profit of $113,000 after selling 6.0222 million UUU tokens. The post stated that Ng had spent $6,227 to purchase 24.1 million UUU tokens, accounting for 2.4% of the total supply.
It seems that Freddie Ng was a bit of a sly fellow, using his knowledge to make a tidy profit. But, as the saying goes, “you can’t fool the system” 🤦♂️. Binance Wallet has taken swift action, suspending the employee and seeking to take legal action.
“We will proactively cooperate with the relevant authorities in the employee’s jurisdiction and take appropriate legal action in accordance with applicable laws. Any associated assets will be handled in full compliance with applicable laws and regulations,” the statement said.
Binance Wallet has also announced that it will continue to strengthen internal controls and refine its policies to prevent similar incidents. It also revealed that whistleblowers who submitted valid reports via the official channel would be entitled to a share of a $100,000 reward.
It’s a reminder that even in the wild world of cryptocurrency, there are still rules to follow and consequences to face. 😊
Read More
- Top gainers and losers
- FC Mobile 25 Hero Chronicles event Guide and Tips
- The White Lotus Season 4 release date, location, and more
- Weak Hero Class 1 Ending Explained
- All Overwatch 2 Totally Normalwatch event challenges and rewards
- The best Monster Hunter Wilds mods and how to install them
- ARC PREDICTION. ARC cryptocurrency
- Clash Royale Evolutions Mayhem Challenge best decks guide
- Sam Thompson Heartbroken as Ex Zara McDermott Moves on with Louis Tomlinson!
- Tate McRae’s Shocking Injuries from Her Intense Music Video Shoot Revealed!
2025-03-26 09:01