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Binance has released an official statement in response to recent allegations circulating within the crypto community regarding insider trading of the Solana-based meme coin, BOOK OF MEME (BOME). The statement came via Binances official Chinese handle on the X platform.

The controversy centered around what has been dubbed the BOME Rat Barn incident, which pointed accusing figures at Binance officials. This development has prompted Binance to initiate an internal investigation. According to its preliminary findings, the exchange clarified that the individual implicated in the allegations is not affiliated with Binance.

#BOME

BOME

Notably, this insider trading allegation emerged following Binances recent listing of the Solana-meme coin BOME. The token surged by 2,888% from $0.0009373 to an all-time high of $0.02801 in one day, specifically from March 15 to 16. However, the coin has crashed significantly in the last 24 hours, putting its value at $0.0137 at press time.

In the clarification tweet, Binance expressed gratitude for the communitys vigilance and pledged to continue to uphold transparency and fairness in all operations. While emphasizing the importance of community feedback, the exchange urged individuals to report any instances of currency listing corruption or team member misconduct.

Furthermore, Binance reaffirmed its commitment to maintaining a level playing field in the crypto market. It assured users that it would thoroughly investigate any allegations of wrongdoing, promising to make the findings public.

To incentivize reporting, Binance announced rewards ranging from $100,000 to $5 million for verified instances of corruption, with the identity of the informant kept confidential. The exchange has provided audit@binance.com as the designated email address for reporting misconduct.

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Binance Responds to Allegations of Insider Trading of Solana Meme Coin BOME - TradingView

The ETHFI token recently saw a remarkable surge in its price, hitting an all-time high (ATH) of $5.32. This surge in price followed the tokens distribution via an airdrop and participation in a Binance Launchpad round. However, the excitement was short-lived as the token has since experienced a significant decline, dropping by over 35%.

As of the latest data, ETHFI is currently being traded at $3.48 on Binance, with a notable trading volume exceeding $115.2 million. The trading activity surrounding ETHFI underscores the attention it has garnered from investors and traders alike.

Furthermore, the Binance Launchpad witnessed substantial staking activity, with over $2 billion worth of the FDUSD stablecoin and 17.3 million BNB ($10 billion) being staked. This influx of staking highlights the confidence and interest in the ETHFI token within the cryptocurrency community.

In addition to its trading performance, the tokens fully diluted value (FDV) stands at an impressive $3.6 billion. The FDV reflects the potential market value of the token if the entire supply were to be in circulation. However, despite the initial enthusiasm and high FDV, ETHFIs recent decline in price indicates the volatile nature of the cryptocurrency market.

The ETHFI token has a maximum supply capped at one billion tokens. Of this supply, 20 million tokens were allocated to the Binance Launchpad, while an additional 60 million tokens were set aside for the initial phase of the token airdrop. Following this, another 50 million tokens are scheduled for distribution in the upcoming season two.

Investors and core contributors have distinct vesting schedules. Investors are poised to receive 32.5% of the tokens total supply over a two-year vesting period. Meanwhile, core contributors will receive 23.26% of the supply over a slightly extended three-year vesting schedule.

The distribution timeline outlines the meticulous process through which participants receive their allocation of ETHFI tokens. This structured approach ensures fairness and transparency in the distribution process, aligning with the principles of decentralization and community engagement inherent in the cryptocurrency space.

Also Read: Figure Tech Secures $60M Funding To Launch Crypto & Stock Trading Platform

Recent data from DefiLlama reveals an impressive surge in the total value locked (TVL) within the Ether.Fi ecosystem. The TVL has surged by an astounding 117% over the past 30 days, with total deposits nearing the $3 billion mark. This surge underscores the growing prominence of Ether.Fi within the decentralized finance (DeFi) landscape.

Ether.Fi plays a pivotal role in facilitating restaking, offering stakers the opportunity to generate additional yield. Stakers receive liquid restaking tokens (LRT) and loyalty points, which can be utilized across various DeFi protocols. ETHFI serves as the governance token within the Ether.Fi ecosystem, with a live price of $3.4 per token and a market capitalization of $409.8 million.

Also Read: Solana Price To Rally 70% As SOL Defies Sell Signal, Analyst Predicts

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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Binance and Other Exchanges List ETHFI Token, Price Peaks at $5.32 ATH - CoinGape

Singapore,August 27,2021/AlexaBlockchain/ L2 Labs Foundation, the high-profile software engineering team behind flagship Ethereum-based decentralized exchanges (DEXes), solidifies its stance as a prominent scaling infrastructure provider. Now it intensifies the research and development efforts addressing the one-stop payment solution for businesses and individuals.

Seasoned blockchain developers from L2 Labs have shared the details of their new product, L2.Cash. It is going to allow decentralized applications and end users to harness leading L2 scaling techniques of the Ethereum (ETH) universe, zk-proofs.

The new product will be integrated with major Ethereum-based decentralized trading platforms and open to the whole blockchain ecosystem: no previous expertise in blockchain programming will be required to utilize L2.Cash.

Due to revolutionary resource-efficiency of zk-proofs, all Layer 2 transactions in L2 Labs solutions are 100% free. L2.Cash can also be used free of charge that reaffirms L2 Labs strategy of further expanding feeless scaling solutions worldwide.

Technically, L2.Cash should be referred to as a payment protocol for lightning-fast, low-latency retail transactions. Thus, it is the first out-of-the-box solution for retail users and merchants developed by L2 Labs. The launch of L2.Cash will finally give a proper spin to real-world zk-proofs adoption flywheel.

L2.Cash facilitates nearly-instant value transfers as zk-proofs infrastructure allows very low transactional latency and full consistency of L1/L2 status. It ensures maximum capability of 1,000 txs per second for all ERC-20 tokens.

Thus, using L2.Cash can save users businesses and wallets from the congestion and fee spikes of mainstream blockchains like Ethereum (ETH) and Binance Smart Chain (BSC). As covered by U.Today previously, within the periods of maximum network overload, fees on Ethereum-based DEXes like Uniswap (UNI) can spike over $250 per one swap.

L2.Cash boasts resource-efficient airdrop functionality: all Ethereum-based tokens can be distributed through its instruments free of charge. L2.Cash can airdrop tokens to 10 users every second. This feature is a crucial one for early-stage teams with tokens as it allows to save on infrastructure costs while airdropping assets to first adopters.

Also, the L2 Labs team is actively researching opportunities for zk-rollups technology to get connected to Ethereum Virtual Machine, also dubbed EVM, a decentralized computer behind Ethereum and a number of similar blockchains like Binance Smart Chain (BSC), Huobi Eco Chain (HECO), OKEx Chain (OEC), Polygon Network (MATIC), and so on.

Once deployed, L2.Cash protocol will be able to expand on every EMV-compatible chain. This, in turn, will open massive opportunities for its user base boost.

SOURCE L2.Cash

This Post L2 Labs Foundation Explores L2.Cash Protocol to Bring Zk-Proofs to Payment Tools first appeared on https://www.prnewswire.com/.

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Binance Founder Changpeng Zhao Embarks on a New Venture, an Education Project - AlexaBlockchain

Crypto exchange Binance recently announced the initiation of a detailed investigation into the claims concerning Book of Meme (BOME), a Solana-based meme coin.

This move came in response to allegations and community discussions about possible insider trading linked to the BOME rat warehouse incident. The exchange made an official statement on the X platform highlighting its commitment to market fairness and transparency and emphasizing the immediate start of an internal inquiry following these allegations.

The announcement from Binance indicated that the investigation was triggered by concerns over potential insider trading involving BOME. The goal was to assess any Binance personnels involvement in the matter. However, Binances preliminary investigation findings reported that the individual in question has no ties with the exchange.

Furthermore, Binance has called on individuals possessing information on any wrongdoing, including insider trading or corruption related to currency listings, to report such incidents. The exchange has committed to offering rewards between $100,000 and $5 million for confirmed reports while ensuring the anonymity of whistleblowers.

Additionally, the exchange has reiterated its commitment to conducting comprehensive investigations into the allegations of misconduct in the BOME insider trading case and has maintained an openness to feedback from its user community.

The development comes on the heels of Binance disclosing its decision to list BOME, including specific spot trading pairs such as BOME/BTC, BOME/USDT, BOME/FDUSD, and BOME/TRY, starting March 16 at 12:30 UTC. Notably, the listing fee was set at 0 BNB as a demonstration of support for the meme tokens inclusion on the platform.

Binance has also introduced the USDS-M BOME Perpetual Contract on its Futures platform, with leverage options up to 50x. Following the listing announcement, BOMEs value surged by 345% on March 16 to reach $0.02703, with its trading volume increasing by 262% to $3.8 billion. This placed BOME ninth among the most-traded cryptocurrencies. Since its market introduction on March 14, BOME has seen an extraordinary rise of over 39,000% from its all-time low.

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Binance launches investigation into BOME insider trading allegations - crypto.news

Former Binance CEO Changpeng Zhao has taken to X (formerly Twitter) to announce a new mysterious project.

Zhao was quick to preemptively shut down any speculation about an upcoming token launch. "No, no new tokens," he stated.

The new project of the controversial Canadian entrepreneur appears to be related to education.

For now, Zhao has provided no further detail about his future endeavors, but he has promised to share more pertinent information "soon" in his post on X.

CZ's downfall

As reported by U.Today, Zhao agreed to step down as the CEO of the world's top exchange as part of Binance's settlement with the US Justice Department. This was the conclusion of a years-long money laundering probe, which reportedly started all the way back in 2018.

On top of shelling out $50 million, Zhao also agreed not to be involved with the exchange he founded in the future.

Binance agreed to pay more than $4 billion as part of the aforementioned settlement deal.

Richard Teng replaced Zhao, promising a fresh start for the embattled cryptocurrency giant.

A project from jail?

As reported by U.Today, Zhao could be facing up to 18 years behind bars due to violating money laundering laws. Moreover, he could face even harsher penalties.

Last month, the sentencing of the controversial Binance boss was delayed to April.

In November, Zhao was barred from leaving the US because of flight risk worries.

For now, he remains free in the US after forking out a $175 million release bond.

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Former Binance CEO CZ Teasing New Project - TradingView