Cryptocurrency exchange Binance has suspended withdrawals for a number of assets and restricted some users’ accounts due to “abnormal price movements in some trading pairs”.
This activity does not appear to be due to compromised accounts or stolen API keys; the funds are SAFU.
We will update this thread if there is any new information.
— Binance (@binance) December 11, 2022
“We are aware of anomalous price movements in some trading pairs on Binance, including assets such as SUN, ARDR, OSMO, FUN, and GLM. […] This activity is not related to account hacking or API key theft; funds are safe,” the platform said in a statement.
Apparently, we are talking about the events that took place on December 10th. For example, Cosmo (OSMO) shares on Binance are currently up 460%, only to drop to near previous levels. Similar dynamics have been 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 have “received profits” following relevant transactions.
We temporarily blocked withdrawals on some of our active 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 needed in the free market and we had to end it,” she added.
As a reminder, in November 2022, Binance expanded the scope LINE-financing up to $1 billion.
Read the ForkLog bitcoin news in our Telegram – Cryptocurrency news, courses and analysis.
Found an error in the text? Select it and press CTRL+ENTER
