Binance community votes are manipulated, Redditors speculate

On 24th July, Binance, one of the most popular cryptocurrency exchanges opened votings for “Community coin of the month” and nominated 5 projects. Among these 5 nominations, the project with the most number of votes will be rewarded with the listing on Binance within a reasonable time frame. On 26th July, Redditors speculated that July’s community votes are being manipulated at a scale of above 50%, considering the votes are recorded from just 10 accounts.

Binance tweeted:

“Voting Opens for #Binance Community Coin of the Month – Round 8// …”

Binance nominated Libra Credit [LBA], Locktrip [LOC], Mithril [MITH], NKN [NKN] and Polymath [POLY] for Community coin of the month contest. Binance will tally up the votes at the end of the voting period, which is on 30th July 0:00 AM [UTC].

The number of votes accumulated is not sufficient for the voting rounds. The amount of Binance tokens [BNB] the voter holds is essential to determine the multiplier of the user’s votes. In simple words, the more BNB a user holds in the account, higher the chances of their desired project to be on the top.

Binance also stated that users will need to pay 0.1 BNB per candidate in their vote. In short, voting is not declared to be free.

In order to win the race, the nominees are manipulating the votes as observed by Redditors.

Arbobmehmood, a Redditor started a discussion on the subreddit of ‘Cryptocurrency’. He posted:

“Apparently this month’s community vote is being manipulated at scale with about 50% of the votes coming from just 10 accounts. Perpetrators include Libra Credits (LBA) and Mithril (MITH). The largest account discovered has funded 193 exchange accounts at about 400 bnb each for a total of 65,420 bnb or 25% of the total votes so far.”

The Redditor further added links to Medium pages that explained the manipulation by Libra and Mithril.

Cryptodaku, a Medium user explained how the nominees are manipulating. The account said:

“We see that this wallet [0x2a74f3A43A0b13eFdc1413C665E68aF7d09b0811] started distributing almost 20k BNB that is equal to 20k votes. Transactions of ~520 BNB were distributed into separate Binance accounts. Another ~7k BNB were sent to a wallet address: 0x78688462e1c467081Cb1e4A785Ec3ac76e4f2A7c . Where they were distributed to different Binance wallets once again.”

It was further explained that two wallets have been manipulating the votes. It had a total number of 13333323 LBA tokens, which summed up to be the top of the 10 ‘LBA hodlers’.

Similarly, it is recorded that the votes of MITH have been increasing. As noticed on Etherscan BNB contract, there are random amounts of BNB up to 500 in various wallets.

Cryptodaku further explains:

“We find a wallet [0x20cb24c78bdb1bf17e6a1d4e2fd1cc80aa1a5c5b] that is used to distribute BNB tokens among different Binance accounts. Up to this point 364 distributions have been made. Up to this time I am writing this total of 83797.2 BNB were distributed to different wallets with amounts up to 500. Meaning Mithril has 83797 votes from one whale.”

At the time of writing, the voting chart is led by NKN, Mithril, and Libra Credit. Crypto-enthusiasts have not made any speculations regarding NKN yet.

Community votes for coin of the month [July] | Source: Binance

Community votes for coin of the month [July] | Source: Binance

Since the rumors of the community vote manipulation have been circulating among the crypto enthusiasts, Changpeng Zhao, the CEO of Binance tweeted:

Tweet by CZ || Source: Twitter

Tweet by CZ || Source: Twitter

Saran, a crypto enthusiast says:

“Give me some proof ,I am still waiting.. NKN and Polymath are legit.. Mith and libra are cheating,if you want I will provide you proof..”

The post Binance community votes are manipulated, Redditors speculate appeared first on AMBCrypto.