Binance Experiences Abnormal Price Movements, CZ Says its Just Market Behavior

Binance is one of the most prominent exchanges globally. Earlier today, the exchange witnessed abnormal price movements for certain trading pairs on the exchange. Some of these assets include SUN, ARD, OSMO, FUN, and GLM. The official Twitter handle of the global exchange tweeted about the incident. Additionally, they stated that they are investigating and taking appropriate action regarding the activities that caused the movement.

Changpeng Zhao, the CEO of Binance, also voiced his thoughts on the activities that happened. CZ clarified that the activities are just market behavior.

CZ said “one guy deposited and started buying”

CZ mentioned in his tweet that one guy deposited the funds and started buying. He then stated that other guys followed, adding that hackers don’t deposit. He also mentioned that the investigation couldn’t find any linkage between these accounts.

In order to investigate the activities, the exchange temporarily halted withdrawals from some of these profiting accounts. However, the actions received backlash and complaints from different countries on Twitter, according to CZ.

“We are aware of the concept of too much intervention from the platform, “too centralized” attacks, etc. There is a balance to how much we should intervene. Sometimes, these happen in free market, and we need to let it play out.”