Binance published a notification on December 11 regarding unusual price swings for various trading pairs. As a result, the exchange initiated a probe to uncover the suspicious accounts that caused the issue.
However, after the completion of the investigation, no sign of hacking was founded. The pairs whose prices fluctuated abnormally included SUN, ARDR, OSMO, FUN, and GLM digital coins. Following the incident, Binance ran a security check on the tokens and the wallets that own these tokens.
Binance CEO Changpeng ‘CZ’ Zhao Made Things Clear
After running a thorough check, the CEO of Binance, Changpeng ‘CZ’ Zhao made a statement that there nothing suspicious, irregular, or unethical was found during the investigation.
The price movement was totally fine, and it was the market behavior reflected by the fluctuations of prices.
The news came into the limelight when Binance stated on Dec. 11 at 3:10 am ET that a few tokens on the blockchain are showing extreme movements in pairs.
The community appreciated the news that Binance’s investigation has cleared the confusion and that no hacking and API bypassing incident is the case this time.
Moreover, Binance’s CEO also tweeted that one of the wallets deposited funds and started to buy the different pairs, and hackers never deposit any funds in the wallets.
The same pattern was followed by many other guys, hackers never had matching patterns. Every hacker’s usage pattern differs from the others so that they can have a low profile.
However, Binance exercised strict precautions against potential manipulation.
Binance for the time being blocked all the wallets means funds cannot be withdrawn from those accounts that have made profits from these uncertain price violations. These accounts are being banned for an undisclosed period.
Moreover, after running a detailed security check and after ensuring that these accounts have followed all the regulations these accounts will be freed and those who own these accounts can use them the way they want.
Moreover, Binance has also made it clear that all the recent updates about the current incident will be shared with the community as soon as the final phase of the investigation is completed.
Any new updates and new price hikes will be shared with the community as soon as possible.
Binance CEO Also Targeted Sam Bankman-Fried, the CEO of FTX
Addressing the community, the CEO of Binance also criticized SBF by saying that the misuse of investors’ fund, malign attentions, and suspicious acts of SBF has pushed the industry years back.
Following the demise of FTX, the regulators are once more active and hunting the crypto institutes across the globe.
The CEO of Binance also added that the current price hikes and the poor market situation are all because of the negativity spread by the collapse of FTX.
It is also worth noting that Binance being the leading blockchain by market cap is leading way for the revival of the cryptocurrency market.
As investors have become more suspicious and the demand for transparency has increased, we as industry leaders have to admit that we have been pushed way back than time, the CEO of Binance, CZ said.
Market analysts also said that this is absolutely right for investors to be hard on the cryptocurrency industry in terms of ensuring the utmost law compliance and financial transparency.
As far as the current market is concerned the overall cryptocurrency market cap and weekly trade volume have decreased. The prices of all the major cryptocurrencies are volatile and face difficulties in bounding backs.
Every day a rumor comes out regarding the collapse of FTX which leads the industry to further decline. In these circumstances, any bad news regarding Binance will be the death of the cryptocurrency market.
Pointing out the demise of FTX, the CEO of Binance concluded his remarks that the FTX saga was immensely devastating for the industry by all means.