On its official X channel, Binance Wallet recently announced disciplinary action against employees who use internal information capture for personal gain. This rare public recognition of internal disputes demonstrates Binance’s commitment to transparency and decentralization.
Shocking internal scandal of Binance Wallet employees
Recently, according to WU Blockchainthe community has discovered suspicious internal transaction fraud involving Binance Wallet employees. Freddie Ng, a suspected Binance Wallet BD employee, allegedly used internal information from his previous position to make a profit of $113,600 by trading UUU tokens. In addition, he earned another $200,000 in unrealized profits.
The detected wallet address received the transfer from freddieng.bnb, and since then it amassed 2.4% of the total UUU supply, slightly above $6,000. As UUU tokens went through an important pump, the wallet gradually removed its holdings, cashing out $100,000 while still holding 200,000 UU related wallets.
4 photos to show all photos you should clean your wallet. pic.twitter.com/DZ7S1W0F86
– py (@pycharts) March 23, 2025
UUU is a local token for UDEX, which is part of the MVB 8 program. The community speculated that Binance Alpha would soon list UUU, and they believed Freddie Ng knew this beforehand, prompting him to engage in insider trading to earn illegal gains. Binance Alpha 2.0 has exceeded $100 million in trading volume, Mubarak, Tut and Brocoli714 – All of these are the first memes in the “List the Votes” program – Contributes 50% of the volume.
Learn more: Binance Alpha 2.0 allows users to trade DEX on CEX
Few binance answers?
Shortly after the scandal, binance wallet was released Official announcement On its channel X, it involves disciplinary action against employees. Binance announced that the employee had been subject to disciplinary action, suspended immediately, and may depend on the legal consequences of his country of residence.
Source: binance
In addition, four people received a $100,000 whistleblower reward for testing the crime. This action is consistent with Fincen’s AML program, which provides 10-30% sanctions to encourage reporting of financial crimes.
Results of investigations on misconduct by transaction staff
Dear binance users and community members,
On March 23, 2025, Binance’s internal audit team received a complaint accusing one of our staff of using internal information to obtain leading deals… pic.twitter.com/svvu4rx1x
– Binance Wallet (@BinanceWallet) March 25, 2025
Binance Wallet said it was an isolated case and no other employees found violations of regulations. The exchange highlighted its firm commitment to transparency and stated that it would not tolerate any kind of misconduct.
Previously, Binance has been facing legal scrutiny since 2018, with U.S. authorities failing to charge money laundering and compliance for the company and its former CEO Changpeng Zhao in 2023. Through recent efforts, Binance hopes to highlight the ongoing transparency and integrity issues in crypto exchanges.
