Binance Co-founder Offers Rewards for Reporting Corruption
Binance co-founder Yi He has announced a new program that offers rewards of $10,000 to $5 million for individuals who can verify instances of corruption within Binance team members. In a recent Twitter thread, He encouraged reports of corruption and insider information leaks related to currency listings. Those who can prove corrupt activities will receive a security vulnerability bonus, although the criteria for determining the reward amount were not specified.
Controversy Surrounding Ronin Token
The announcement comes in the wake of controversy surrounding the price drop of Ronin (RON) token shortly after its listing on Binance. Speculation arose about potential insider information leaks within the exchange. As of now, RON is down 26% and trading at $2.57.
1）币安的内部调整：上币组涉及商务、研究团队到Pre IC、IC、开发、运营、公告等多个环节，涉及上币流程的团队成员，将加强内部管理与防火隔离；如管理项目出现不管任何原因的信息泄漏，一次警告，二次开除。
— Yi He (@heyibinance) February 5, 2024
Response from Binance
In response to the price drop of Ronin token, He assured Binance customers that team members involved in the crypto listing process will face strengthened internal management and fire isolation. Binance also plans to improve technical monitoring. Once corrupt employees are identified and verified, the corresponding projects and funds will be permanently blacklisted by Binance. However, specific details on the verification process were not provided.
Hot Take: Binance Offers Incentives to Combat Corruption
Binance’s new program offering rewards for reporting corruption within its team members demonstrates their commitment to maintaining transparency and integrity in their operations. By incentivizing individuals to come forward with evidence of corruption, Binance aims to strengthen internal controls and prevent insider information leaks. This proactive approach not only protects the interests of investors but also safeguards the reputation of the exchange. While the specific details of the reward criteria and verification process are yet to be disclosed, this initiative sends a clear message that Binance takes allegations of corruption seriously and is actively working towards maintaining a trustworthy platform for cryptocurrency trading.
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