- A Binance employee profited from insider trading UUU tokens during uDEX’s token burn.
- uDEX burned 37.2% of its UUU token supply, affecting its market.
- Binance suspended the employee, highlighting compliance issues.
On March 23, 2025, decentralized trading platform uDEX burned 37.2% of its total UUU token supply on the Four.Meme platform. A Binance employee profited from this event, urging the company to take immediate disciplinary actions.
The significant token burn by uDEX aimed to stabilize the UUU market by reducing its availability. This strategy, however, was marred by an insider trading incident involving a Binance employee, who was suspended and faces potential legal consequences.
uDEX’s Bold Move: 37.2% Token Burn Sparks Market Shift
uDEX initiated a substantial token burn, affecting the UUU supply. The burn was part of a strategic move to possibly boost token value and address market volatility. The situation unfolded with Binance suspending an implicated employee after benefiting $113,600 from non-public information. uDEX remains focused on implementing new security measures to prevent similar occurrences.
This action constitutes front-running based on non-public information obtained from the previous role and clearly violates company policy. — Binance Wallet Team, Binance
This action constitutes front-running based on non-public information obtained from the previous role and clearly violates company policy. — Binance Wallet Team, Binance
Price Surge and Compliance Concerns Post-Incident
Did you know? uDEX’s decision to burn tokens mirrors past attempts by firms like Binance in 2023 to reduce supply, aiming to sustain market stability amidst insider trading controversies.
uDEX’s UUU token currently trades at $0.01 with a fully diluted market cap of approximately $7.92 million. Recent market activities reflect a 28.96% price increase over 24 hours, although its value has declined by 19.25% over 60 days, according to CoinMarketCap.
Coincu researchers underscore potential regulatory challenges for exchanges, emphasizing the importance of robust internal controls. The employee’s actions reignite debates on effective compliance measures in the cryptocurrency landscape.
Source: https://coincu.com/328830-binance-employee-udex-token-burning/