According to the company’s co-founder, Binance will pay up to $5 million to anyone who can detect corruption in the process of listing crypto assets from the exchange.
On Monday, the top global crypto exchange announced it would list Ronin (RON), a gaming-focused Ethereum (ETH) sidechain.
However, the asset had already risen in price by 100% over the past month, promptly crashing by more than 28.5% in the hours following Binance’s public listing announcement.
Yi He, co-founder and Chief Customer Service Officer of Binance, notes that the company conducted an internal investigation and realized that the exchange’s acquisition of RON tokens for users was noticed by the outside world.
The Binance CEO say the company plans to make adjustments and strengthen the internal management of their crypto asset listing process. She also notes that future leaks will result in canceled listings.
Also the co-founder say Binance offers a high reward to anyone who exposes leaking coins on the exchange.
“If you verify that Binance team members are corrupt, we will keep your identity confidential and give you a security vulnerability bonus of $10,000 to $5 million. It is much easier and more profitable than the rat warehouse.”
Sky Mavis, the company behind the popular gaming project Axie Infinity (AXS), launched Ronin in 2021.
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Generated image: Midjourney