Binance Wallet Suspends Employee for Alleged Front-Running Activities
The Binance Wallet team announced the suspension of an employee for using confidential information from BNB Chain to front-run a token launch. Key points include:
- The employee allegedly purchased tokens through multiple wallets before a Token Generation Event (TGE) and sold some for profit.
- This action is classified as front-running based on non-public information, violating company policy.
- Binance's investigation found no evidence of insider trading among Wallet team employees; the information used was obtained during the employee's previous role at BNB Chain.
- Binance will cooperate with authorities for potential legal action.
- This incident parallels Coinbase's 2023 scandal involving former manager Ishan Wahi, who leaked token-listing details.