- Binance co-founder Yi He denied rumors of an information leak.
- The exchange conducted an internal investigation to determine the reasons for the fall in the price of the Ronin (RON) token.
- Binance will take measures to prevent such situations.
- These include protection against possible information leaks, improved technical monitoring and a rewards program.
Binance co-founder Yi He commented on the fall in the price of the Ronin (RON) token after listing and rumors of a potential information leak. In a series of posts on X (formerly Twitter), she outlined new regulatory measures to prevent such incidents.
According to her, the increased volatility of the Ronin (RON) token after listing on Binance caused a “heated discussion” in the community. Some participants suggested that the drop in price could be due to an information leak inside the crypto exchange.
Meanwhile, Yi He denied this statement. The co-founder of Binance said that the exchange conducted an internal investigation to determine the reasons for the incident.
According to the statement, some users may have learned about the listing in advance after integrating the Ronin public network and analyzing the blockchain, and not thanks to insider information from one of the exchange’s employees.
External detection of this activity has led to speculation about Ronin’s potential listing on Binance, Yi He said in a statement.
However, the exchange will review the token listing process, Yi He said. The new measures include rewards ranging from $10,000 to $5 million for verified information about leakers.
Additionally, Binance team members participating in the listing will undergo stricter vetting. Employees involved in the information leak will receive a warning. If they violate again, they will be fired, Yi He said.
In addition to this, Binance will blacklist projects that hire employees fired from the cryptocurrency exchange for disclosing information. The company will also improve technical monitoring and cancel the listing of projects if information about the event becomes known in advance.
According to data from CoinGecko, RON token surged more than 30% roughly a week before listing on Binance.. About an hour after being placed on the stock exchange, the asset fell by 18%. Over the past 24 hours it has dropped by 26%:
7-day RON price chart shows rise and then sharp drop in token value after listing on Binance. Source: CoinGeckoWe previously reported that the Binance database was put up for sale on the darknet. In addition, in early February 2024, the company’s technical data was leaked on GitHub.