Binance has identified and limited using bots, the Alpha, the token distribution system for early access, exploited, the stock exchange announced on June 4.
In a post, Binance said “recently determined certain groups to make use of bots to participate in alpha activities, which undermines the fairness of the Binance Alpha Points program.” It added that it had taken measures to stop the activity. “We have improved our risk control systems to enhance the detection and handling of such behavior,” said the exchange.
According to Binance, every use of bots is treated as a violation of the exchange. The company also said that “the law reserves the suitable to revoke the Linance Alpha Points authorization for accounts which might be involved in such activities and impose further restrictions if vital”.
At the time of publication, Binance had not answered Cointelegraph's request for comments.
What is Binance Alpha?
Binance Alpha is an early access hub in Binance Wallet, by which users can discover, buy alpha tokens and collect alpha points via potential Exchange listings within the early stage of web3 projects. These are points in an evaluation system based on item pocket balance sheets and business activities and determine the authorization for events and air drops of the token generation.
The program has grow to be a essential driver of BNB chain activity. According to reports from May, over 71% of the Alpha tokens were launched within the BNB chain, and the network has recorded greater than 1 million recent addresses per day and weekly volumes.
This isn’t the primary time that the exchange has intensified the enforcement of the service. At the start of May, Binance announced that his Alpha platform had implemented a brand new comprehensive TOKEN check frame to remove tokens that don’t correspond to specific quantitative and qualitative criteria.
Binance Alpha “Killing Airdrops”
The service attracted its appropriate proportion of criticism, with some accused of killing “air drops” together with his arrangements. Some users also expressed concerns in regards to the early structure of the community through testnet use.
Source: Satyaxbt
An Airdrop is a marketing and sales method by which a cryptocurrency project is distributed to the owner of an existing cryptocurrency (or to users who meet certain criteria) with a purpose to raise awareness of rewarding early supporters or decentralizing the token owners. As a rule, the recipients receive directly of their wallets, often based on previous stocks, activities or participation in promoting tasks.
Giving away digital assets is a secure strategy to attract attention. For this reason, Airdrops are sometimes also at the middle of fraudulent tactics, where bad actors use the hype and drain carriers through fake campaigns.
