Abnormal token price movements on Binance not hack-related, confirms CZ
Crypto exchange Binance began investigating suspicious behavior on its platform after noticing abnormal price movements for certain trading pairs involving Sun Token (SUN), Ardor (ARDR), Osmosis (OSMO), FUNToken (FUN) and Golem (GLM) tokens. Nearly 40 minutes into the investigation, Binance CEO Changpeng ‘CZ’ Zhao revealed that the price movements “appears to be just market behavior.”
On Dec. 11 at 3:10 am ET, Binance issued a notice about abnormal price movements for some trading pairs. The exchange began an investigation to narrow down suspicious accounts responsible for the issue. To investors’ relief, Binance’s investigation did not point to the possibility of compromised accounts or stolen API keys.
Based on our investigations so far, this appears to be just market behavior. One guy deposited funds and started buying. (Hackers don’t deposit). Other guys followed. Can’t see linkage between the accounts. 1/3 https://t.co/QlB1VnlHVs
In CZ’s words:
However, the exchange took a proactive measure against possible manipulation. It temporarily blocked withdrawals for some accounts that made profits during the volatility, which according to CZ, sprouted complaints across social media.
CZ further addressed the concerns related to centralization and company intervention during similar occasions as he stated, “There is a balance to how much we should intervene.”
When asked about the possibility of using stolen or compromised accounts for carrying out manipulative trades, CZ clarified that Binance actively monitors such accounts, adding that:
Binance has confirmed to keep investors updated as soon as ongoing investigations reveal new information about the ongoing price movements.
Related: CZ and SBF duke it out on Twitter over failed
Read more on cointelegraph.com
