Binance, one of the leading cryptocurrency exchanges, is offering a $5 million reward for information related to potential cases of corruption among its employees. These steps come in the wake of controversies surrounding the listing of the #RON cryptocurrency tokens, which were brought to the forefront due to alleged data leaks.
Heated Community Discussion
Yi He, co-founder of Binance, expressed her views in posts on the X social network on February 5th. She stated that passionate debates had arisen within the community following a recent drop in the price of the #Ronin (RON) #cryptocurrency token, which had been listed on Binance.

Some members of the X platform's community suggested that the data leak from within Binance might have been the cause of RON's price decline. However, Yi He stated that Binance had conducted a #blockchain analysis and found that users were preparing to purchase the token.
Sudden Price Drop for RON
The RON cryptocurrency token, part of a blockchain focused on gaming, experienced rapid price growth of over 30% in the week leading up to its listing on Binance, according to CoinGecko data. However, shortly after the announcement of its availability on Binance, its price dropped by 18%, and within a day, it plummeted by over 26%.

Suspicions of Data Leakage
This situation occurred just two weeks after Coinbase CEO Conor Grogan claimed to have discovered several wallets with suspicious patterns of token purchases shortly before their listing on Binance, followed by subsequent sales. Grogan speculated that these suspicions might be linked to dishonest employees or traders who had access to information about upcoming token listings. 
Reward for Information on Corruption
Yi He announced that Binance is reviewing its token listing process and offering a reward of up to $5 million for evidence of corruption among its employees. Team members responsible for token listings at Binance will undergo stricter scrutiny, and in case of information leaks about planned projects, a warning will be issued initially, followed by dismissal for repeat offenders.
Binance will also permanently ban projects that hire employees dismissed from the cryptocurrency exchange due to corruption. The company will focus on enhancing technical monitoring and take measures to safeguard sensitive information.
 

Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“ 
 

On March 30, the Ronin Network (RON), a sidechain built on Ethereum by the Axie Infinity game project, announced support for staking its own network token, RON. This news has been eagerly awaited as RON has only been limited to transaction fees and farming since its release at the beginning of 2022.

Staking RON also helps decentralize the sidechain as users can choose to delegate tokens to 22 validators on the network to help them verify transactions.

The RON staking rewards will be unlocked on April 12. The games that will be developed on Ronin Network are:

Directive Games with “The Machines Arena”: a new third-person shooter game with many sci-fi elements.

Tribes Studio with “Tribesters: Island of the Solas”: a multiplayer online game set in a tribe on an island.

Bali Games with “Axie Match3”: a match-three game that uses resources from Axie Infinity.

Bowled.io with “Bowled”: a bowling game.

SkyVu with “Battle Bears Heroes”: a MOBA game inspired by the famous Battle Bears game series.

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Ronin notes that all of these games are still in development and no tokens or NFTs have been sold yet, so the community needs to be aware of scams.

Earlier in 2022, Axie Infinity announced a program to incubate games that license the images and items from the game.

It is worth noting that the support for RON staking and the announcement of development projects on Ronin Network occurred one year after the Ronin bridge was hacked, resulting in the loss of over $620 million in cryptocurrency. This is still the most serious hack in crypto history.

Axie Infinity compensated affected users and reopened the Ronin bridge, launched version 3 of the game called “Origin”, organized the AxieCon conference for the global community, and then deployed the NFT land feature to create a virtual universe for the game.

The RON token price has risen 37% from $0.8 to $1.1 since the beginning of March, but it is currently down 8% after the announcement of RON staking. RON is currently trading at $0.98.

#RON #Ronin #crypto2023 #AXS #AxieInfinity

This article was republished from azcoinnews.com