A whistleblower at Binance has revealed details of insider trading and front-running by an internal team member. We look at how the news could impact presales like the Best Wallet Token. Action Taken Against the Employee On further investigation by the Binance internal audit team, it was revealed the employee used information from his previous role at BNB Chain to benefit from a token generation event. Although the employee was working with the Binance wallet team, he had information about on-chain projects and the upcoming TGE event. Before the official token launch, the employee purchased many tokens through multiple wallets. After the announcement was made, he sold a part of the token to realize huge gains. It’s worth noting that a significant part of the tokens (with huge unrealized gains) are still held by the employee. Investigations found this to be a breach of company policy, as the employee used non-public information for personal financial profits. As expected, the employee was met with immediate suspension, with the finance team planning for further disciplinary action. The company also plans to bring legal action against the employee as per his jurisdiction. Binance Vows to Tighten Up Internal Controls Post this incident, Binance has vowed to strengthen its internal controls and refine internal policies so that incidents like this can be avoided in the future. The official information note also stressed the company’s user-first principle and its commitment to upholding fairness, integrity, and transparency in its operations. Together, we can uphold a transparent, healthy blockchain ecosystem and build a safer, more trustworthy trading environment for all users – Binance To encourage whistleblowers, a reward of $100,000 will be distributed equally among four people who informed the audit team about the ongoing insider trading. Although reports were also publicly shared on X, rewards will only be distributed to those reports that were received through Binance’s official email. The Need for Security-First Projects like Best Wallet Token Incidents like this, as well as the Bybit hack, which saw over $1.5B worth of $ETH being stolen away from the exchange’s storage, remind us of the importance of making the blockchain ecosystem more secure, fair, and free from scams and rug pulls. Enter Best Wallet Token ($BEST). It’s the native cryptocurrency of the Best Wallet app, one of the best crypto wallets that has emerged as the go-to solution for privacy-conscious crypto users. Read on to find out why the Best Wallet Token is attracting huge investor bids and has raised more than $11M in its presale so far. Best Wallet – Easy-to-Use, Fully Self-Custodial Crypto Wallet Best Wallet is a non-custodial (or self-custodial) crypto wallet. This means it provides you complete control over your own private keys. Self-custody is your best bet if you want to reduce reliance (and therefore the probability of a mishap) on even the best crypto
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