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Binance to grant up to $5m for exposing corrupt listing team members

binance-to-grant-up-to-5m-for-exposing-corrupt-listing-team-members
Edited by
News
Binance to grant up to $5m for exposing corrupt listing team members

Binance co-founder Yi He has unveiled a new program, promising rewards of $10,000 to $5 million to those who can ‘verify that Binance team members are corrupt.’

In an X thread on Feb. 5, He said Binance is encouraging “all reports involving currency listings and other corruption,” adding that insiders who could “verify that Binance team members are corrupt” will get a “security vulnerability bonus” ranging between $10,000 and $5 million. However, He did not provide details regarding the criteria for determining the reward amount.

“It is much easier and more profitable than the rat warehouse.”

Yi He

He’s announcement follows controversy surrounding the price of Ronin (RON) token, which experienced a 30% drop shortly after being listed on Binance, prompting speculation about potential insider information leaks within the exchange. As of press time, RON is down 26% and is trading at $2.57, according to CoinGecko data.

In response to the price drop, He assured Binance customers that team members involved in the crypto listing process will undergo “strengthen internal management and fire isolation,” adding further that Binance will also “improve technical monitoring.”

Furthermore, He emphasized that once corrupt employees are identified and verified, the corresponding projects and funds will be permanently blacklisted by Binance. However, He did not provide specific details on how exactly Binance plans to verify instances of corruption.

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