Cryptocurrency exchange Binance has suspended withdrawals for a number of assets and restricted the accounts of some users due to “anomalous price movements in certain trading pairs.”
This activity does not appear to be due to compromised accounts or stolen API keys; funds are SAFU.
We will update this thread should there be any new information.
— Binance (@binance) December 11, 2022
“We are aware of anomalous price movement in some trading pairs on Binance, including assets like SUN, ARDR, OSMO, FUN, and GLM. […] This activity is not related to hacking accounts or stealing API keys; the funds are safe,” the platform said in a statement.
Apparently, we are talking about the events that occurred on December 10th. For example, Cosmo (OSMO) quotes on Binance rose by 460% at the moment, and then collapsed almost to the previous levels. Similar dynamics was observed in other specified assets.
According to the head of the cryptocurrency exchange, Changpeng Zhao, during the investigation, the company found that abnormal price fluctuations are associated with “market behavior”. He added that Binance has temporarily blocked the ability to withdraw funds for accounts that “received profits” as a result of relevant transactions.
We temporarily locked withdrawals on some of the profiting accounts, which caused a lot of complaints on social media, all from different countries. 2/3 https://t.co/nWSBhn3GrE
— CZ ???? Binance (@cz_binance) December 11, 2022
“We are aware of the concept of too much interference from the platform, “too centralized” attacks and so on. There is a balance in how much we should intervene. Sometimes this is necessary in the free market, and we had to finish it, ”he added.
As a reminder, in November 2022, Binance expanded the scope ROW-fund up to $1 billion.
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