Binance is cracking down on bot abuse in its Alpha Points program after detecting coordinated farming and deploying anti-malware measures.
On June 4, Binance announced that it had identified and implemented measures to limit the use of malware that exploits its Alpha early access token distribution system.
The company announced in a post that it had “recently detected certain groups using bots to participate in Alpha activities, which undermines the fairness of the Binance Alpha Points program.”
It further stated that it has implemented measures to curtail the activity.
“We have upgraded our risk control systems to improve the detection and management of this behavior,” the exchange stated.
Binance has declared that the exchange will consider the use of bots to be a violation.
The company also stated that it “reserves the right to revoke the Binance Alpha Points eligibility of accounts involved in such activities and may impose further restrictions where necessary.”
At the time of publication, Binance had not responded to Cointelegraph’s request for comment.
What Is Binance Alpha?
Users can purchase “Alpha” tokens before potential exchange listings, accumulate Alpha Points, and discover vetted, early-stage Web3 projects at Binance Alpha, an early-access hub within the Binance Wallet.
These points in a scoring system determine eligibility for token-generation events and airdrops by considering wallet balances and trading activity.
The program has emerged as a significant factor in the growth of BNB Chain.
In May, reports indicated that over 71% of Alpha tokens are launched on BNB Chain, and the network has experienced a surge in weekly volumes and over one million new addresses per day.
This is also not the first instance in which the exchange has intensified its enforcement of the service.
Binance announced in early May that its Alpha platform has implemented a new comprehensive token review framework.
The framework is designed to eliminate tokens that fail to satisfy specific quantitative and qualitative criteria.
Binance Alpha Is Eliminating Airdrops
Some individuals accused the service of “killing airdrops” due to its arrangements, and it received its fair share of criticism.
Additionally, some users express apprehension regarding the potential for testnet usage to impede the development of early communities.
An airdrop is a marketing and distribution strategy in which a cryptocurrency project distributes free tokens to holders of an existing cryptocurrency (or users who fulfill specific criteria) to increase awareness, reward early supporters, or decentralize token ownership.
Recipients frequently receive tokens directly into their accounts at no cost, frequently due to their past holdings, onchain activity, or participation in promotional tasks.
Offering digital assets at no cost is an effective strategy for garnering attention.
For this reason, airdrops are frequently the focal point of scam tactics, in which malicious actors capitalize on the excitement and drain wallets through fraudulent campaigns.
