Binance Co-Founder Comments on Ronin Listing as Coin Drops 18%
Things were looking bright for the gaming blockchain Ronin (RON) last week. The project secured a Binance listing, sky-rocketed in trading volume and posted gains of close to 100%. Unfortunately, the celebrations were short-lived, as Ronin (RON) plummeted 18% in the day post its official listing on the world’s biggest crypto exchange. The sudden drop caused a wave of controversy to wash over the community, with some accusing Binance of information leaks (which has occurred in the past).
Yi He Responds to Allegations In Social Media Post
Binance’s co-founder, Yi He, was quick to rush to the platform’s defence following rumours circling of foul play.
He noted that most previous instances of information leaks revolve around new coins being listed on Binance, rather than established assets with an ecosystem and industry presence like Ronin.
The Binance co-founder went on to say that, upon an internal investigation, the team discovered that the sudden price drop was due to the public chain being pre-listed, meaning that users had acquired RON tokens. Therefore, upon the chain’s listing, the new users liquidated their holdings, causing the unfortunate downswing.
However, Yi He went on to disclose new guidelines that Binance employees are adhering to in light of previous information leaks and the fraud allegations surrounding ex-billionaire and CEO Changpeng Zhao.