Background
On March 14th, a Solana meme coin called Book of Meme (BOME) was introduced. Within three days, its value skyrocketed, and it was listed on Binance.
Insider Trading Allegations
Before the listing, a large crypto holder (a “whale”) bought 314 million BOME tokens for $2.3 million. After the listing, the token’s value soared, making the purchased tokens worth $5 million. This transaction raised suspicions of insider trading.
Binance’s Response
Binance launched an internal investigation and found that the individual named in the allegations had no connection to the exchange. Binance also emphasized its commitment to transparency and fairness.
Rewards for Reporting
Binance offered financial rewards of up to $5 million for reporting any instances of insider trading involving Binance team members.
Current Status of BOME
BOME’s value has since declined by 51% from its peak.
OKX’s Response
OKX, the second-largest offshore exchange, has not listed any recent Solana meme coins. Its founder, StarXu, clarified that the exchange focuses on discovering valuable tokens and does not entertain listing requests.
