Binance accused of insider trading after listing ‘wrong’ memecoin

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Binance accused of insider trading after listing ‘wrong’ memecoin
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Binance, the world’s largest cryptocurrency exchange, is at the center of a new controversy after listing a memecoin with an initial market value of just $15 million. The token in question, called “First Neiro,” is a variation of NEIRO, which previously had a market value of $120 million.

The confusion grew when Binance listed the $15 million token on its spot exchange. Meanwhile, the exchange held NEIRO in ETH on its perpetual contracts exchange. Following the listing, the market value of the $15 million NEIRO spiked by over 1,000% to $178 million.

At the same time, the larger token saw its value plummet by 37%, falling from $125 million to $79 million. This sparked outrage among investors.

NEIRO is a memecoin named after Atsuko Sato’s new dog, who is famous for being the owner of Kabosu, the dog that inspired Dogecoin. Although Sato has stated that there is no “official” NEIRO token, traders have engaged in a dispute over which NEIRO token would become the “unofficial official” token. This decision usually comes down to the token that achieves the highest market cap.

Binance faces insider trading charges

NEIRO’s history is full of controversy and competition. After all, the first two versions of the memecoin were launched on the Solana blockchain. At the time, one of these versions had established itself as the leader, reaching a market cap of almost $80 million. However, crypto influencer Ansem backed a lower-cap version of NEIRO on Solana, which rose tenfold in value while the $80 million token plummeted.

Over time, both versions on Solana lost relevance, and NEIRO on Ethereum took control of the market, reaching a peak value of $280 million. Despite this, Binance decided to list “First Neiro on Ethereum”, which led to accusations of manipulation and insider trading. The founder of the Singapore-based Block Infinity fund even threatened to expose Binance employees involved in the case.

Leonidas, founder of the Ord.io platform, harshly criticized the decision, stating:

“The listing team is abusing the power that retail has given them. Listing a corporate memecoin with a $15 million market cap is an affront to the entire organic memecoin community.”

While NEIRO on Ethereum has emerged as a market leader in terms of appreciation, its origins are still the subject of speculation. Many users on X/crypto Twitter claim that the token is controlled by a group of insiders and influencers. This raises questions about the legitimacy of its growth.

Binance accused of insider trading after listing ‘wrong’ memecoin

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Binance accused of insider trading after listing ‘wrong’ memecoin

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Binance accused of insider trading after listing ‘wrong’ memecoin

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