- The listing of RONIN on Binance sparked controversy due to allegations of early access granted to team members.
- RONIN experienced a significant 28% price decline following its listing on Binance.
Binance’s recent listing of the RONIN (RON) token has stirred controversy after it was revealed that certain team members had early access, prompting a sharp decline in its price. In response to the uproar, the world’s largest crypto exchange co-founder, Yi He, has pledged to bolster confidentiality measures surrounding listing processes, aiming to restore trust and integrity within the community.
Binance co-founder Yi He has found herself in the spotlight following a deafening listing announcement on February 5 that sent shockwaves through the crypto community. The unveiling of RONIN on the exchange led to an unexpected price drop of over 40%, plunging from $3.49 to $2.53, raising questions about the integrity of Binance’s listing protocols.
感谢今天所有关心币安，热爱币安，支持币安的朋友们，也收到了很多建议，我都有认真一条条看。过去偶尔有关于币安上币信息泄漏的激烈讨论，通常是一些尚未发布代币的项目，社区为了保持热度过度宣传并不鲜见；但今天RONIN上币公告发布后RONIN价格下跌引发了社区激烈讨论，经过内部调查发现是之前集成公…
— Yi He (@heyibinance) February 5, 2024
After an in-depth investigation, it came to light that RONIN had been integrated into Binance’s blockchain by certain team members ahead of the official listing announcement, granting early access to select individuals.
Binance Tightens Security Measures
In response to the uproar, Yi He has taken a decisive stance on preserving the confidentiality of listing information. Team members implicated in information leaks will receive a warning for initial infractions and could face contract termination for subsequent breaches.
Also, Yi He has committed to technical monitoring to address external factors like trading bots and their impact on market dynamics. Despite encryption measures, Binance remains vigilant in monitoring activities affecting BNB prices to ensure a secure trading environment.
Further, Binance has invited community participation in identifying information leaks and other misconduct. The platform has introduced a bounty program offering rewards ranging from $10,000 to $5 million for reports confirming the involvement of Binance team members in such incidents.
At the time of writing, the RONIN token has experienced a significant decline in value, currently trading at $2.57, and has seen a 26% drop in the last 24 hours. Despite this downturn, the daily trading volume for RONIN has surged by over 326%, reaching a substantial $202 million range within the same period.
