On Monday, September 16, the head of the Binance cryptocurrency exchange, Changpeng Zhao, announced an attack on a platform for trading bitcoin futures. Then he recognized the alarm as false.
A market maker from a smaller futures exchange tried to attack @binance futures platform. NO ONE was liquidated, as we use the index price (not futures prices) for liquidations (our innovation). Only the attacker lost a bunch of money, and that was that. pic.twitter.com/ztMZEtYKc6
– CZ Binance (@cz_binance) September 16, 2019
Zhao said that one of the clients brought down the BTC / USD order book by $ 300 – from $ 10 324 to $ 10 024, but the positions of other traders were not liquidated. This was facilitated by what he called their own innovation – the index price. As a result, only the alleged attacker allegedly lost money.
Zhao said that behind the attack was a market maker who recently launched his own platform for trading bitcoin futures. According to him, this is the second such incident.
The attacker is a well-known account that trades with @binance , and started their own futures exchange a few months ago. This was the 2nd attempt they tried. Shame!
– CZ Binance (@cz_binance) September 16, 2019
As a result, it turned out that there was no attack. Technical problems on the client side led to a situation similar to malicious activities.
Had a chat with the client. It was an accident, due to a bad parameter on their side. Not intentional. All good now.
– CZ Binance (@cz_binance) September 16, 2019
“Discussed with the client. This was an accident due to an incorrect parameter on their side. Unintentionally. Now everything is fine, ” Zhao summed up.
BitMEX CEO Arthur Hayes has already commented on the “innovativeness” of the index price on Twitter, hinting that he has “copied” the idea with Binance.
“Next time, when I will be in Singapore, Zhao, attend my elementary course on launching a crypto derivatives platform. I teach advanced methods Ctrl-C / Ctrl-V. The entry price … 51% of your share capital, ” Hayes wrote.
Next time I'm down in Singapore @cz_binance please attend my running a crypto derivatives platform 101. I teach advanced cntl + C cntl + V methods. Price of entry … 51% of your equity. https://t.co/RYGkf4aJih
– Arthur Hayes (@CryptoHayes) September 16, 2019
Recall that the launch of Binance Futures took place on Friday, September 13.
Subscribe to BlockchainJournal news on Telegram: BlockchainJournal Feed – the entire news feed, BlockchainJournal – the most important news and polls.
BlockchainJournal.news
BlockchainJournal.news
