The largest cryptocurrency exchange, Binance, is under scrutiny with accusations of insider trading and market manipulations following the recent listing of NEIRO tokens.
NEIRO Tokens Listing
The allegations stem from the rapid price increase of two NEIRO tokens, which saw their value skyrocket by over 700% within 24 hours of being listed on Binance. The fact that 78% of NEIRO tokens were distributed to insiders before the launch raised suspicions. These tokens are linked to Akita Neiro, a rescue dog connected to Atsuko Sato, owner of Kabosu, the Dogecoin dog. There are currently over 20 versions of these tokens on the market, spread across more than 400 wallet addresses. Insiders have already sold about $9 million worth of these tokens.
Criticism of Binance
Recently, Binance introduced a USD-margined NEIROETH perpetual contract with leverage up to 75x. This move has been criticized for potentially increasing market volatility and posing risks to retail investors. Critics argue that Binance's actions could be considered market manipulation, especially given that TRON founder Justin Sun promoted NEIRO prior to its listing.
Yi He's Response
Yi He, co-founder of Binance, quickly responded to the allegations, acknowledging the community's concerns. She highlighted that in the past, bold investments in crypto yielded high returns, but this has become harder as the market has developed. She added that Binance aims to serve billions of users and become the foundational infrastructure for the future of blockchain. In response to the criticism, she assured that Binance will take action if there is any suspicion of insider trading or information leakage.
The community eagerly awaits the outcome of the investigation into the allegations against Binance and the company's next steps to ensure transparency and fairness.
Comments