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In response to the RON price crash incident, Binance co-founder He Yi proposed 6 major improvement measures: a one million reward for the informant who leaked the information

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In response to the RON price crash incident, Binance co-founder He Yi proposed 6 major improvement measures: a one million reward for the informant who leaked the information

The listing of the sidechain Ronin $RON token on the Axie Infinity blockchain game has sparked widespread discussion within the community, leading to a rapid drop in token price. Yi He, co-founder of Binance, released a series of adjustments and improvements early this morning to address the situation.

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He Yi Proposes Six Major Improvement Measures

In response to the premature leak of the listing news of the RON token, which caused a token crash, He Yi has proposed six major improvement measures to strengthen internal and external management, enhance monitoring of the listing process, and prevent potential misconduct. The main points include:

Enhanced Internal Management

He Yi revealed that the team members involved in the listing process include research teams, business, development, operations, and announcements, and will strengthen internal management and information isolation:

Upon the occurrence of information leakage, a first warning will be issued, and dismissal will follow the second time.

Adjustment of External Collaboration Plans

Huobi will carefully confirm the communication process between business and the team, including project research information, token models, token custody, etc. If the listing information leaks prematurely, the listing will be canceled. If there is still information leakage after the announcement, the listing will be postponed, and further discussion on whether to proceed with the listing will follow.

Enhanced Technical Monitoring

Huobi will enhance its technical monitoring capabilities to prevent the announcement of Huobi, changes in trading pairs, and fund movements from being monitored by on-chain robots.

Public Contact Information

Previously, Huobi hoped to isolate the research and business work of listings, and did not provide public contact information, which made it vulnerable to scammers. Now, Huobi will increase contact information to prevent fraud.

High Rewards for Reporting Violations

He Yi also emphasized that users are welcome to report violations related to listings and other information leaks. Upon verification, a security reward of up to $10,000 to $5 million will be provided.

Handling of Violating Employees

For Huobi employees confirmed to have violated regulations, if they join any project or team in the future, the project will be permanently blacklisted for listing on Huobi, and Huobi will conduct a comprehensive background check on the team.

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Ronin $RON Sudden Drop Event

According to reports, the official team of the sidechain Ronin for the blockchain game Axie Infinity released the news of the native token RON being listed on Huobi yesterday, sparking community discussions.

However, due to the recent surge in popularity of the Ronin project and some KOLs discovering the on-chain token consolidation actions taken by Huobi a few weeks ago, the crypto community had long speculated about the possibility of the RON token being listed on Huobi.

As a result, within half an hour of the listing news being released, the token price plummeted from 3.49 to 2.82 US dollars, a drop of nearly 20%, leading the community to question whether it involved insider trading or "wash trading" behavior. He Yi subsequently made a public statement emphasizing adjustments to the listing process.

Prior to this, Ronin experienced a major hack in 2022, losing over 173,600 ETH and 25.5 million USDC, valued at approximately 616 million US dollars at the time.