Following the sudden price drop following Ronin's listing on cryptocurrency exchange Binance, Binance co-founder Yi He issued a statement addressing concerns about potential information leaks within the company.
Yi He Says That Listing Revealed When Binance Team Integrated Ronin Chain Before Listing
He noted that there have been occasional controversies about Binance-related information leaks in the past, but these usually involve projects whose tokens have not yet been released and are often the result of over-promotion by the community to maintain interest.
Yi He said that an internal investigation showed that the price drop was due to the pre-listing integration of the public chain so that users could acquire the tokens, and that it was detected externally and attributed to the chain.
In response to these concerns, the co-founder announced the following regulations:
- Any project management found to have leaked information for any reason will receive a warning for the first offense and termination for the second.
- External Partner Regulation at Binance: The external business communication process, which generally includes improving project research information, communication token model, token custody management, and project investor communication, will also be improved to prevent information leaks regarding the listing of the project.
- However, people who prove that any Binance employee leaked inside information will be paid between $10,000 and $1,000,000.
*This is not investment advice.