Binance blocks 600 accounts for Alpha Points manipulation
The world’s largest crypto exchange, Binance, has blocked more than 600 user accounts for manipulating the Binance Alpha points system — a platform feature that grants access to airdrops and early token sales.
Binance Alpha is designed to support early-stage Web3 projects, offering traders access to promising tokens before their listings. The platform has gained massive popularity, with total trading volume exceeding $115 billion.
However, Binance discovered that at least one coordinated group had used bots to accumulate Alpha points on a large scale, disadvantaging other users. The participants reportedly earned around $13 million through synchronized trades.
New rules in response to manipulation
In response, Binance blocked the manipulators’ accounts and announced an upgrade to its monitoring tools and feedback channels to better detect and prevent such behavior.
The new system allows users to flag suspicious accounts and, if verified, receive up to 50% of the recovered funds. Complaints must include verifiable evidence such as screenshots, wallet information, or IP addresses.
It’s worth noting that manipulation tools targeting reward distributions are becoming increasingly common due to automated trading processes. Previously, Bubblemaps identified similar schemes on ChainOpera, a major project on BNB Chain.
As we wrote, Yi He: Binance confronts challenges as crypto prices fall
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