Attack On Binance Futures Platform a False Alarm
- Binance CEO CZ had said that the $300 price drop was due to a market maker trying to manipulate prices
Binance CEO Changpeng Zhao - better known as 'CZ' - took to Twitter on Monday morning to say that his company's futures exchange had come under attack.
"A market maker from a smaller futures Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term tried to attack [the Binance] futures platform," tweeted the exchange CEO.
Alongside that tweet was a picture appearing to show the price of Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term crashing by $300, from $10,324 to $10,024.
CZ noted that no one had been affected by the drop in price. The Binance CEO said that his exchange's platform does not liquidate positions based on futures prices but by an index.
"NO ONE was liquidated, as we use the index price for liquidations," said CZ. "Only the attacker lost a bunch of money, and that was that."
All clear
Two hours after saying that the incident was the result of an 'attack' on Binance's platform, CZ took to Twitter again to say that the whole thing had been an accident.
[embed]https://twitter.com/cz_binance/status/1173418810918916096[/embed]
"Had a chat with the client," said CZ. "It was an accident, due to a bad parameter on their side. Not intentional. All good now."
It is unclear as to who was responsible for the price drop. When he still believed that his exchange was 'under attack,' CZ said that the firm responsible was a "well known-account that trades with [Binance], and started their own futures exchange a few months ago."
Binance CEO Changpeng Zhao - better known as 'CZ' - took to Twitter on Monday morning to say that his company's futures exchange had come under attack.
"A market maker from a smaller futures Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term tried to attack [the Binance] futures platform," tweeted the exchange CEO.
Alongside that tweet was a picture appearing to show the price of Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term crashing by $300, from $10,324 to $10,024.
CZ noted that no one had been affected by the drop in price. The Binance CEO said that his exchange's platform does not liquidate positions based on futures prices but by an index.
"NO ONE was liquidated, as we use the index price for liquidations," said CZ. "Only the attacker lost a bunch of money, and that was that."
All clear
Two hours after saying that the incident was the result of an 'attack' on Binance's platform, CZ took to Twitter again to say that the whole thing had been an accident.
[embed]https://twitter.com/cz_binance/status/1173418810918916096[/embed]
"Had a chat with the client," said CZ. "It was an accident, due to a bad parameter on their side. Not intentional. All good now."
It is unclear as to who was responsible for the price drop. When he still believed that his exchange was 'under attack,' CZ said that the firm responsible was a "well known-account that trades with [Binance], and started their own futures exchange a few months ago."