The debate around leaks and insider trading has intensified due to Ronin's devaluation following its listing on Binance. Binance is attempting to control it.
Ronin is an EVM-compatible blockchain designed by the Sky Mavis team for Web3 gaming; its native token is $RON or $RONIN. Binance issued a notice on February 5, 2024, listing the RONIN at 13:30 (UTC) along with its four spot trading pairs: BTC, USDT, FDUSD, and TRY.
RONIN Roll Down
Normally Binance listings increase the value of any token, so this was bullish news for RONIN, but the opposite happened with it when its price hit the bear. A possible reason for that price decline is that the information about RONIN's listing was leaked before the announcement, which led to pump dump trading.
Save Your Face Binance
Executives of Ronin and Binance were criticised by the public for the pump-dump trade, as only they knew the exact timing of Ronin's listing. To calm things down, Binance co-founder and CMO He Yi announced the cancellation of any leaked listings in the future, blacklisting those involved, and rewarding the informer with up to $5 million.