‘Just Market Behaviour’: Binance CEO Probes Rise in Trading of Underdog Altcoins
The rather offbeat trade movement of SUN, ARDR, OSMO, FUN, and GLM made people wonder if some accounts on Binance were compromised with stolen keys.
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Written by Radhika Parashar, Edited by Richa Sharma | Updated: 12 December 2022 17:44 IST
Highlights
Binance froze withdrawals on some accounts as part of its probe
The accounts had gained profits from the trading of these underdog altcoi
Binance is betting on finetuning cyber security for Web3
Binance trying to regain investors’ trust to fetch the market out of the ongoing downturn
Photo Credit: Reuters
Changpeng Zhao, the CEO of Binance, has justified the trading of certain underdog altcoins on its platform as merely a ‘market behaviour'. In recent days, trading activities for Sun Token, Ardor, Osmosis, FUNToken, and Golem witnessed an escalation on Binance, stirring suspicions among members of the crypto community amid the ongoing market slump. The overall crypto cap dipped by over $200 billion (roughly Rs.16,51,771 crore) in the past few weeks after the FTX crypto exchange dramatically collapsed due to liquidity crunch leaving investors high and dry.
The rather offbeat trade movement of SUN, ARDR, OSMO, FUN, and GLM made people wonder if some accounts on Binance were compromised with stolen keys.
The official Twitter handle of Binance revealed that the company conducted an internal probe to check if bad actors were targeting the exchange.
Zhao further revealed that the platform had frozen withdrawals on some accounts that had reeled in profits from the trading of these altcoins as part of its investigation.
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
The exchange also got its proof-of-reserves audited to ensure its users that the platform can handle all withdrawals.
The company is now betting big on finetuning the cyber security sector.
On Monday, December 12, Binance Labs led an investment round for GoPlus Security with an undisclosed amount.
“With this funding, GoPlus Security will be able to build out their technology, create a security services marketplace and also attract top talent looking to build a more secure, user-friendly Web3,” Binance Labs wrote in its official blog post.
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