Unusual token price swings on Binance are unrelated to a hack, says CZ

Bitcoin exchange After observing unusual price changes for some trading pairs including the tokens Sun Token (SUN), Ardor (ARDR), Osmosis (OSMO), FUNToken (FUN), and Golem (GLM), Binance started looking into suspicious activity on its platform. The price swings "appears to be ordinary market activity," according to Binance CEO Changpeng 'CZ' Zhao, about 40 minutes into the probe.

Binance published a notice about unusual price swings for various trading pairs on December 11 at 3:10 AM ET. The exchange launched an inquiry to identify the suspect accounts that were the problem. To the relief of investors, Binance's inquiry found no evidence of compromised accounts or stolen API credentials.

"One man put money down and began purchasing. (Hackers refuse to deposit.) Other males came after. There are no apparent relationships between the accounts.

The exchange did, however, take preventative action against potential manipulation. Some accounts that earned profits during the volatility had their withdrawals temporarily halted, which according to CZ sparked complaints on social media.

The concerns about centralization and corporate engagement during comparable situations were further addressed by CZ, who said, "There is a balance to how much we should intervene."
CZ explained that Binance carefully checks such accounts when asked about the potential for exploiting stolen or compromised accounts to execute manipulative trades, adding that: