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Leading crypto exchange Binance has suspended a member of its Binance Wallet team following allegations of insider trading linked to a Token Generation Event (TGE). The exchange confirmed the suspension on March 25, stating that the employee allegedly used non-public information to front-run token trades and make profits.
Binance Discovers Front-Running Scheme
According to Binance’s X post, the internal probe was launched on March 23 after the company received a complaint accusing the staffer of exploiting insider knowledge. Preliminary findings revealed that the employee, who joined Binance Wallet last month, previously worked in a business development role at BNB Chain.
During their former role, the staffer allegedly learned about an upcoming TGE and used the information to purchase a large volume of the project’s tokens before the official announcement.
Following the token launch, the employee reportedly sold part of their holdings for substantial profits, prompting Binance Wallet to take immediate action. The exchange stated that the staffer was suspended pending further disciplinary measures and that legal action would be pursued in collaboration with authorities.
On-Chain Evidence and Community Whistleblowers
While Binance did not publicly name the accused employee, blockchain sleuths and community members on X identified Freddie Ng, a former operations manager at BNB Chain, as a potential suspect. Ng’s LinkedIn profile shows he joined Binance Wallet’s business development team last month.
X user “py” pointed to on-chain evidence indicating that a wallet involved in the front-running scheme was linked to Ng. According to DEX Screener, one of the wallets made $82,400 in profits by trading U DEX Platform (UUU) tokens. The wallet in question had received UUU tokens from another wallet initially funded by the address “freddieng.bnb”, which Ng had previously shared on his X account.
Binance Wallet acknowledged the public’s efforts in uncovering the incident but clarified that only whistleblowers who reported via email would be eligible for a reward. The exchange announced a $100,000 bounty, split equally among four anonymous whistleblowers, for their role in exposing the front-running trades.
Binance emphasized its zero-tolerance policy for insider trading and stated that it would fully cooperate with relevant authorities.
