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CZ confirms abnormal token price action on Binance that is not related to the hack




Cryptocurrency exchange Binance has launched an investigation into suspicious behavior on its platform after noticing abnormal price movements for certain trading pairs that include Sun Token (SUN), Ardor (ARDR), Osmosis (OSMO), FUNToken (FUN) and Golem (GLM). approximately 40 minutes of investigation, Binance CEO Changpeng ‘CZ’ Zhao She revealed that the price movements “seem to be just market behaviour”.

On December 11th at 3:10 am ET, Binance issued a notification about abnormal price movements for some trading pairs. The exchange launched an investigation to narrow down the suspicious accounts responsible for the case. For the convenience of investors, the Binance investigation did not indicate that accounts might have been compromised or API keys stolen.

In Czechoslovakia’s words:

“One person deposited money and started buying. (Hackers do not deposit). Other guys followed them. The link between the accounts could not be seen.”

However, the exchange has taken pre-emptive action against possible manipulation. It has temporarily blocked withdrawals for some accounts that have made profits during the fluctuations, and which, according to CZ, complaints have been popping up on social media.

CZ also addressed concerns about centralization and company interference during similar occasions as he said, “There is a balance to the extent of the intervention.”

When Requested On the possibility of stolen or hacked accounts being used to carry out manipulative trades, CZ clarified that Binance actively monitors such accounts, adding the following:

“If you leave your account details with a hacked third-party platform, and the hacker is careful about using it, it can be difficult to detect on our end. But we try.”

Binance has ensured that investors are kept informed as soon as the ongoing investigations reveal new information about the ongoing price movements.


Related: CZ and SBF duke it out on Twitter over the failed FTX/Binance deal

Bad intentions Sam Bankman-Fred, CEO, FTX During the Indonesia Fintech Summit 2022, Czechoslovakia said that the cryptocurrency industry has set back a few years.

“I think basically we’ve been declining a couple of years now. Regulators are really going to scrutinize this industry a lot more, which is probably a good thing, to be honest,” CZ added.