Bytecoin (BCN) is in the news again for its listing on Binance, and this helped in its price surge by 130% today. But there was a widespread speculation in the social media that Bytecoin and Binance were involved in market manipulation. Let’s discuss this in detail.
History of Bytecoin
Bytecoin is another privacy-focused coin like Monero, Zcash or Dash helping in hiding users’ transactions and concealing senders’ addresses. Bytecoin was started in 2012, and it was the first to implement the Cryptonote algorithm. Monero and Dash are forks of Bytecoin. Many big exchanges have listed BCN, and this has helped in its adoption. Monero forked from BCN, citing the reason that the latter is highly centralized with 82% of the coins being premined and held by some unknown actors.
Controversy in Biance Listing
Bytecoin got listed today on one of the biggest exchanges in the world: Binance. This, in turn, helped the price of the coin to surge by 130 %. But, experts and crypto community point to many red flags regarding this listing and also the price surge that followed.
It was widely reported that 693 million BCN were artificially created out of thin air. And social media was abuzz with reports that this 693 million was then given to Binance for getting it listed. The news spread like wild wire all across the social media and below is a tweet from one of the people following it.
In short, 700 million was printed out of thin air and paid as bribe to Binance for listing.
Bytecoin and Binance Involved in Market Manipulation
Another controversy that was widely shared in social media is that the Bytecoin management and Binance were involved in the inorganic price rise of Bytecoin to an extent of 130% in a short period of time. We would like to explain it in detail to our readers on what might have happened with Bytecoin (BCN), as it was said and shared in social media that it coule be one of the most sophisticated pumps and dumps.
Anger on Social Media
Many expressed their anger on social media. Below are some of the angry tweets.
Exchanges like Binance can be more careful and responsible during the listing of new coins to avoid such issues.