CZ confirms that the unusual coin value changes on his trading platform are unrelated to the hack. Binance published an announcement on December 11 regarding unusual value motions of some exchanged pairs.
The reaction from the company
As an answer, the trader has opened an inquiry to identify the suspect account that gave rise to the problem.
With regard to shady activity on our platform, we have opened an investigation. C. Zhao, CEO of Binance, said that the price action looks like just market action about 40 minutes after the survey started.
On December, at 10 a.m., the crypto trader announced unusual value changes on a few exchanged token pairings.
The trader has started research to identify the specific suspect accounts that are the root of the problem.
The company’s research found no evidence of API key theft or account compromise, which should reassure investors. The preliminary research suggests that this is nothing more than market behavior.
Nevertheless, the trader employs forceful defenses against conceivable market influence.
According to CZ, it barred backdowns for some time from several pages that had made money in the course of the market instability, which sparked discourses in the media.
The reaction of the company leaders
When speaking further about the issues surrounding integration and corporate intercession in similar situations, CZ said that there is a counterbalance to the extent to which the managers must interfere with the platform.
When questioned about the potential use of exposed or stolen accounts to execute trading deals, CZ explained that Binance supervises the user wallets, stating that it may be challenging for the managers to find the hacker if it leaves information on a third-party service that is compromised. The company’s managers are careful when using it.
Binance has promised to keep investors informed. During the Indonesia Fintech Summit 2022, CZ claimed that the cryptocurrency sphere had been set back by a few years due to the malice of FTX CEO Sam Bankman-Fried.
He believed that they had essentially taken a few years back. It’s only natural for regulators to examine this industry more closely, and honestly, this is likely to be a beneficial thing, CZ continued, highlighting how disastrous the episode was for the sector.