Binance Exchange, is experiencing abnormal price movements on certain trading pairs. Binance announced through a tweet on its official page on Twitter. Involving assets such as $SUN, $ARDR, $OSMO, $FUN and $GLM were part of the trading pair affected.
We are aware of the abnormal price movements for certain trading pairs on #Binance, involving assets such as $SUN, $ARDR, $OSMO, $FUN and $GLM.
Our team is investigating and taking appropriate actions in regards to the suspicious accounts.
— Binance (@binance) December 11, 2022
However, CZ-Binance said;
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. We temporarily locked withdrawals on some of the profiting accounts, which caused a lot of complaints on social media, all from different countries. We are aware of the concept of too much intervention from the platform, “too centralized” attacks, etc. There is a balance to how much we should intervene. Sometimes, these happen in free market, and we need to let it play out.
We can’t make everyone happy but take suitable action in order to protect the interest of users fund and also that of exchange. These “too centralized” people won’t say a word when things happen.
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Binance wrote;
This activity does not appear to be due to compromised accounts or stolen API keys; funds are SAFU.
Relatively, CoinMamba made a claim about API discrepancies on Binance, whereby price action for concern Altcoins skyrocketed not corresponding with the current market value. What played out today might in someway be vindictive of CoinMamba’s claim.
According to Glassnode, someone sold 260,000 BTC worth over $4 Billion on the wake of price exploit on Binance. However, Bitcoin number of Addresses Holding 10+ Coins just reached a 23-month high of 153,286. Previous 23-month high of 153,266 was observed on 09 December 2022.
