Binance exchange has revealed the details of an internal case involving insider trading, exposing the misconduct of one of its employees.
This is the first time Binance has publicly disclosed a case of insider trading among its staff.
The case involves a former employee. They allegedly used insider information from a previous role at BNB Chain to gain an unfair advantage in token trading.
The employee recently joined the Binance Wallet team and is accused of using confidential information.
According to them, the employee used to execute a front-running trade ahead of a significant project’s token launch.
They state that the employee knew of a planned Token Generation Event (TGE) for a project called U DEX Platform.
The news was expected to attract significant interest from the crypto community.
Using this inside knowledge, the staff member allegedly purchased large volumes of the project’s tokens before the TGE was publicly announced. They sold them for a considerable profit once the tokens were released.
The incident came to light when Binance Wallet received a complaint. They alleged the employee had engaged in front-running using insider information.
This led the company to launch an internal investigation. Binance quickly identified the suspicious activity, and the...
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