Binance says it conducted an internal investigation after a trader made stunningly large profits on a recently listed memecoin.
The best global crypto exchange announced Saturday that it listed the Book of Meme (BOME), a Solana (SOL)-based coin launched by the art producer Dark farmswhich specializes in pieces based on Pepe the Frog, a character often used for various memes.
In a new post on the social media platform X, Binance say it immediately launched an investigation after hearing discussions in the crypto community that someone with insider knowledge had collected BOME before its listing.
According to Binance, preliminary investigation results indicate that the entity in question has no connection to the exchange, although the company notes that it still plans to conduct an “in-depth” investigation into the matter.
“If you have reports of currency listings and other corruption, or if we verify that Binance team members are corrupt, we will give you a reward of $100,000 to $5 million, while your identity remains confidential.”
Crypto tracking firm Lookonchain noticed that an unknown wallet withdrew $2.3 million worth of Solana to buy BOME shortly before the Binance listing. The asset rose 250% hours after the stock announcement.
The crypto exchange KuCoin listed BOME last Friday.
BOME is trading at $0.0093 at the time of writing. The 174th-ranked crypto asset by market capitalization has rebounded after Binance’s price surge, falling more than 49% in the past 24 hours.
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Generated image: Midjourney