CZ addresses concerns over investigation into ‘abnormal price movements’ on Binance

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Binance CEO Changpeng Zhao (CZ) has addressed concerns regarding the exchange’s investigation of “abnormal price movements” for some trading pairs.

CZ reported that the company has temporarily locked withdrawals for “some profitable accounts” that have sparked complaints on social media.

In a statement, CZ said:

“We recognize concepts such as too much intervention from the platform and ‘too centralized’ attacks. There is a balance in the amount of intervention. Sometimes these things happen in the free market and we have to let it unfold. “

Binance’s official Twitter account announced that the suspicious activity that caused concern on social media was not due to the account being hacked or stolen API keys, but that the funds were “SAFU”.

However, futures trader and crypto investor CoinMamba said on Dec. 8 that his Binance account was hacked via an API created two years ago and submitted exclusively to crypto trading software provider 3Commas. He revealed a different perspective on the situation when he declared that

CZ replied to CoinMamba, explaining that Binance “confirmed multiple cases related to 3Commas,” claiming users were phished.

Phishing attacks are an ongoing theme, with users falling prey to phishing attacks targeting crypto services such as 3Commas, as seen on exchanges such as FTX and Binance in October.

CoinMamba dismissed the notion that this was a phishing incident, but 3Commas Full Survey Blog Post The December 10 API key attack describes the latest evolution of “phishing.”

“Over time, phishing has evolved to introduce new attack vectors, such as paying to promote fake websites that rank high in search engines, or embedding malware as part of an attack. Phishing is also known to target specific groups of people, wealthy individuals and even businesses (known as “spear phishing” or “whale phishing”). increase)”

Concerns about stolen API keys only grew, despite 3Commas posting an investigation. Many Twitter users revealed the loss and described 3Commas as “unsafe”.

Even on-chain detective ZachXBT joined the discussion.

We doubt that the funds are “SAFU” as there is a lot of evidence confirming stolen API keys at 3Commas, loss of funds by multiple users, and vulnerabilities in current API data.

After a Twitter debate between CoinMamba and CZ came to a conclusion, comments deleted by CZ revealed retaliatory comments suggesting the “offboarding” of both 3Commas and CoinMamba’s Binance account.

On December 9th, CoinMamba’s announced that the Binance account was closed and received an clarification response from Binance’s customer support Twitter account.

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