The announcement that was made on Monday through the official Binance Wallet X account comes when the industry is increasingly monitored on its ethical practices.
Binance trading initiated: The employee is suspended after an investigation
According to a statement by Binance Wallet, the investigation launched a complaint received by his internal audit team on March 23. The related WU Blockchain post on the same date has provided more details about the accused.
“An employee suspected of a binance wallet, Freddie NG, has made a profit of $ 113,000 and an unrealized profit of $ 200,000 by UUU trading on BSC,” the post said.
In addition, the post described in detail that the address that apparently financed FreddieIng.BNB bought 24.1 million UUU tokens for $ 6,227. This was followed by partial liquidation and the person sold 6,0222 million of these tokens via interconnected addresses.
This initiative showed a profit of $ 113,600. The remaining 18.095 million chips were still detained via nine different addresses. This represented an unrealized profit of around $ 200,000.
Binance’s investigation revealed that an employee had previously worked in a commercial development role in the BNB chain. The defendant would take advantage of his expertise in the projects of the on-sear and his previous knowledge of the event generation (TGE) project to use it.
After joining the wallet team a month ago – a unit unrelated to the project – he bought the interest through a few wallets before the announcement. After the official notice of starting the project token, the employee sold some for significant profits. Others who have been kept without selling are waiting only for further profit to ensure considerable profits.
“This behavior represents a timely transaction based on non -public information obtained by previous employment and a clear violation of business policy,” he read the statement.
An isolated case?
The binance wallet also indicated that no evidence indicates the wider dedication of his team. It seems that the incident is only an isolated case concerning a single individual than the widespread activity in society.
In addition, the team quickly suspended employees and committed to cooperating with the legal authorities in the individual jurisdiction. The company emphasized its commitment to transparency and capital.
“We defend the principle of users at Binance and we are determined by transparency, justice and integrity. We have zero tolerance for any misconduct. We will continue to strengthen internal controls, improve our policies and ensure that such incidents do not become again.”
To support community supervision, Binance assigned $ 100,000 to four whistleblowers who reported the problem.
In addition, the incident aroused a wider discussion of ethical practices in the cryptovisk. Colin Wu, founder Wu Blockchain, emphasized the lack of the situation.
“Binance seems to have published for the first time details of the employee’s trading initiative,” he wrote.
Wu also emphasized several key problems. It insisted that the discovery of this incident was largely dependent on rare evidence on the chain and off-rains. Wu expressed concern that without this evidence, this problem could be unnoticed or remained hidden.
He also referred to the previous publication made by Yi He, co -founder of Binance. During the AMA, he revealed that the team has explored more than 120 individuals in the last two years. In total, there would be more than 60 release for violations of this kind. Although this is the first in terms of official termination, there are indeed other cases that have not been published.
Morality History: Publication of a surprise, a tree that hides the forest?
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