Abnormal Price Movements On Binance, Not A Hack Attack: CZ Gives The All-Clear!

On December 11, Binance published a notice about abnormal price movements on some trading pairs. The crypto exchange has investigated suspicious behavior on its platform after noticing abnormal price movements in some trading pairs with the Sun Token (SUN), Ardor (ARDR), Osmosis (OSMO), FUNToken (FUN), and Golem (GLM). Nearly 40 minutes after the investigation began, Binance CEO Changpeng “CZ” Zhao said the price movements “appeared to be just market behavior.”

On December 11, Binance issued a notice about abnormal price movements in some trading pairs. The exchange launched an investigation to narrow down the suspicious accounts behind the problem. To the investors’ relief, Binance’s research found no evidence of compromised accounts or stolen API keys.

CZ stated: “One man deposited money and bought. (Hackers don’t deposit). Other people followed suit. No linkage between accounts to be seen.”

However, the exchange has been proactive against possible manipulation. It temporarily blocked withdrawals for some accounts that made gains during volatility, which CZ said led to complaints on social media.

CZ also addressed centralization and corporate intervention concerns in similar situations, saying, “There’s a balance for how much we should intervene.”

When asked if stolen or compromised accounts could be used to conduct manipulative trades, CZ clarified Binance actively monitors such reports. He added:

“If you enter your account details on a third-party platform that gets hacked, and the hacker is careful with it, it can be hard for us to detect. But we’re trying.”

Binance plans to keep investors updated as new information about price movements emerges during the current investigation.


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