Piracy or jolts of volatility? – The feverishness is the emotion that has largely dominated the cryptocurrency market for FTX’s descent into hell and Sam Bankman-Fried. The slightest anomaly is a source worry. And, precisely, the crypto-stock market Binance just saw several trading pairs having a abnormal behavior. Its CEO and founder, Changpeng “CZ” Zhao made a point of clarifying the situation,
Hacking fears quickly denied by CZ
This Sunday, December 11, 2022, the cryptocurrency exchange platform Binance reported a incident on Twitter account. Of the abnormal movements were detected on trading pairs for the following tokens: Sun Token (SUN), Ardor (ARDR), Osmosis (OSMO), FUNToken (FUN) and Golem (GLM).
Even if the fears of hacking were dismissed out of hand by Binance, the cryptosphere – very fearful right now – was once again immersed in the FUD (fear, uncertainty, doubt).
“We are aware of abnormal price movements for some trading pairs on Binance. (…) Our team investigates and takes appropriate action regarding suspicious accounts.
This activity does not appear to be due to compromised accounts or stolen API keys; the funds are SAFU (safe). (…)”
>> Safety is the basis! To keep your cryptos close to you, trust Ledger (commercial link) <<
Changpeng Zhao attempts to defuse the FUD bomb
A few tens of minutes after the announcement of Binance, it is its boss Changpeng Zhaoa.k.a “ CZ who came to try to to reassure the highly tense crypto community – via its own account Twitter.
Binance executive confirms that it would not be a hack in any way since some of the suspected accounts even filed crypto-assets before market anomalies begin.
On the other hand, it seems that these user accounts benefited of these anomalies. As a precaution, the exchanges and positions of these customers have been temporarily hanging for investigation thorough.
“Based on the initial surveys we have conducted so far, it appears that these [anomalies] are simply the game of supply and demand on the market [des tokens concernés]. One of [suspects] deposited funds and started buying (hackers don’t deposit). others [utilisateurs] followed. No links were found between these accounts.
We have temporarily blocked withdrawals to some of the profited accounts, which has caused many complaints [des suspects] on social media, all from different countries.
We are aware of the concept of too much intervention from the platform (…). There is a balance to be found in determining the extent to which we should intervene. Occasionally, [des anomalies telles que les présentes] arrive in a free market [d’offre et de demande], and we have to let it happen. »
In summary: “Move around, there is nothing to see! “. In any case, we feel that this is the message that CZ has wanted to transmit. Still, such movements are quite worrying in a feverish market. Because if a high volatility is understandable in the current state of the market, this same volatility can be a preliminary to a liquidity crisis. Even a crisis of panic in the worst case. More than ever : stay safe!
To keep your cryptos, nothing beats a Ledger wallet. The Nano S and Nano X provide security and ease of use. Indeed, they are compatible with the vast majority of cryptos and networks. They are an absolutely essential alternative to all exchanges that offer to hold your assets for you. Remember, “Not your keys, not your coins” (commercial link)!