‘Fair market behavior’: Binance CEO probes rise in trading of shoddy altcoins
Changpeng Zhao, CEO of Binance, justified trading some shoddy altcoins on his platform as just a ‘market behaviour’. In recent days, the trading activities of Sun Token, Ardor, Osmosis, FUNToken, and Golem have seen an escalation on Binance, raising suspicion among members of the crypto community amid market decline is taking place. The overall cap of cryptocurrencies has dropped by more than $200 billion (approximately Rs 16,51,771) in the past few weeks after the FTX crypto exchange suffered a severe collapse due to a liquidity crisis that left investors high. and exhausted.
The rather unusual trading performance of SUN, ARDR, OSMO, FUN and GLM makes one wonder if some of the above accounts exchanges have been compromised with stolen keys.
Official Twitter Binance’s handling revealed that the company conducted an internal probe to check if bad actors were targeting the exchange.
This activity does not appear to be due to a compromised account or stolen API key; fund is SAFU.
We will update this thread if there is any new information.
— Binance (@binance) December 11, 2022
Million further revealed that the platform had frozen withdrawals on a number of accounts that had profited from trading these altcoins as part of the investigation.
We have temporarily blocked withdrawals on some of our profit-making accounts, which has caused a lot of complaints on social media, all from different countries. 2/3 https://t.co/nWSBhn3GrE
— CZ :large_orange_diamond: Binance (@cz_binance) December 11, 2022
Binance has been trying to regain investors’ confidence to get the market out of the ongoing downturn.
The exchange, last month, opened a industry recovery fund and has raised 1 billion dollars (nearly 8,200 rupees) from his own pocket.
The exchange also has its audited reserve evidence to assure users that the platform can handle all withdrawals.
The company is now betting big on finishing network security field.
On Monday, December 12, Binance Labs led an investment round for GoPlus Security for an undisclosed amount.
“With this funding, GoPlus Security will be able to advance their technology, create a marketplace for security services, and also attract top talent looking to build a more secure, user-friendly Web3. more usable,” Binance Labs wrote in its official blog post.