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Binance Reacts to Abnormal Price Movements on its Crypto Exchange




Following reports of abnormal price movements for some trading pairs on Binance, the crypto exchange on Dec. 11 reacted and clarified that the abnormal price movement is not related to hacking, stressing that it is investigating the matter.

Binance asserted that it has identified some suspicious accounts responsible for the issue and they have been suspended forthwith. The tokens with the abnormal price movements include Sun Token (SUN), Ardor (ARDR), Osmosis (OSMO), FUNToken (FUN) and Golem (GLM) tokens.

Speaking on the development, Binance CEO Chanpeng Zhao (CZ) stated that the unusual price movements could be likened to market behavior. He further added that there was no linkage between the accounts that engaged in the transactions.

While users on Binance assumed that the occurrence was due to compromised accounts or stolen API keys, the follow-up report by the exchange served as a huge relief.

Meanwhile, the exchange took some drastic actions in order to forestall possible market manipulation. It temporarily halted withdrawals for some of the accounts that profited during the volatility.

Sequel to the limit imposed by the exchange, CZ tacitly explained that company’s intervention in circumstances like this is very necessary but there is always a limit to how much it could intervene.

The crypto exchange promised to inform investors should there be any new updates about the unusual price movements.

War of Words Between CZ and SBF

There is no end in sight in the battle for supremacy between the CEO of Binance Changpeng Zhao (CZ) and the former CEO of the collapsed FTX exchange Sam Bankman-Fried (SBF) as they engaged in a war of words over FTX collapse.

cz and sbf

On Dec. 9, CZ described SBF as a ‘fraudster,’ justifying his claim that Binance decided to jettison its position in FTX in July 2021 having noticed a series of red flags during which FTX invested over $5.5 billion in different companies.

CZ also criticized former FTX spokesperson, Kevin O’Leary, stating that he decided to align with a fraudster because of the $15million contract being awarded.

Meanwhile, SBF promptly reacted stating that CZ is a liar who threatened to walk at the last minute. More than any other time, industry leaders should focus on improving the crypto industry rather than character assassinations.