Binance has suspended a team member from its Binance Wallet division following serious allegations of insider trading. The move came after a March 23 complaint claimed the employee exploited non-public information for personal profit. The company launched an internal investigation and confirmed the staffer used privileged knowledge to make front-running trades involving a project’s Token Generation Event (TGE).

The staffer, who reportedly joined Binance Wallet just last month, previously held a business development role at BNB Chain. Binance found that he was aware of a project’s upcoming TGE, anticipated to generate major interest. Before the token launch went public, the employee allegedly used multiple linked wallets to buy large quantities of the token and sold a portion soon after the announcement, earning a significant profit.

One wallet flagged in the investigation showed profits of around $82,400 from trading U DEX Platform’s UUU token. Blockchain sleuths traced the activity back to a wallet funded by “freddieng.bnb”—an address previously shared by ex-BNB Chain operations manager Freddie Ng, who joined Binance Wallet’s BD team last month. While Binance hasn’t publicly named the individual, the on-chain data has fueled speculation online.

Binance confirmed the employee was immediately suspended and could face legal consequences. The company pledged to work with authorities and uphold strict internal compliance.

Though Binance acknowledged community support in flagging the issue, it stated that only reports submitted through its whistleblower email would be rewarded to safeguard anonymity. Four whistleblowers who followed protocol will split a $100,000 reward.