Binance Coin Voting Is Being Manipulated as CEO Responds to Redditors Concerns
The Votes on the Binance Community are Being Manipulated According to Redditors
Binance which has been considered as one of the favorite cryptocurrency exchanges was able to open voting’s for the community coin of the month; this is in July 24th. In this initiative, there were five projects that were nominated, among them the project that will get the most votes will get the reward from the listing on the Binance platform, all this will be done within a reasonable time frame.
Redditors had speculated on the 26th July that the community votes for July are being manipulated at a scale that is above the 50%, considering that this votes will be recorded from only ten accounts.
The Binance platform tweeted that the voting will be open to the community for the month. The platforms that have been nominated for this event are Locktrip LOC, Libra Credit LBA, NKN, Mithril MITH and the Polymath POLY. All these platforms are expected to take place for the community coin contests for the month.
The Voting will be Conducted for the Month
Binance will be responsible for tallying up the votes once we reach the end of the voting period, which is expected to be on the 30th of July at 0:00 AM UTC.
At the moment the number of votes that have been accumulated is not considered to be enough for the voting rounds. The Binance Tokens that is held by a user or voter holds is very essential when determining the current multiplier of the votes for the users. So what we are saying is that the more Binance tokens that a user is holding then, the higher the chances the users desired project is expected to be at the top.
It was also stated by the platform that the users will be expected to pay about 0.1 BNB per candidate when they are voting, so voting on the platform is not really free as many would think. In order to win the current race, the nominees for the votes are being manipulated as the Redditors are observing it.
Votes are Being Manipulated
But this is not all as the Redditors has also gone a step further in adding some medium links to various pages that went ahead to explain further the manipulation that is taking place by the Mithril and the Libra. A medium user also explained that it is true the nominees were actually manipulating, this is according to Cryptodaku.
It also further went to explain that two wallets have also been manipulating the votes, as it had a total of about 13333323 LBA tokens, which was later summed up to be the top of the current 10 LBA Holders. At the same time, it has been recorded that the votes collected for MITH have also been slowly increasing. All this is as noticed on the Etherscan BNB contract, in the wallet, there have been some random BNB that is up to about 500.
Cryptodaku also went ahead to explain the situation further, they were able to find a wallet that was responsible with the distribution of the BNB tokens that would take place among different accounts on Binance. Currently, it has been found that 364 distributions have already been made, thus up to this time, it is about 83797.2 BNB that was previously distributed to the different wallets that amounted to about 500.
What this means is that Mithril has been able to accumulate about 83797 votes just from one whale.
At the time of writing all this, the voting charts are currently being led by NKN and the Libra Credit. The enthusiasts in the crypto market have not yet started to make their speculation around the NKN just yet.