Hot Development: Important Statement from Binance for Multiple Altcoins, “We’re Investigating Why”

world’s largest cryptocurrency exchange Binance named at least five altcoins in its statement and reported that strange movements in their chart are being investigated.

“At Binance, we are aware of abnormal price movements for certain trading pairs that include assets such as $SUN, $ARDR, $OSMO, $FUN and $GLM.”

However, it is reported that the abnormal price activity in question is not limited to these five altcoins.

We are aware of the abnormal price movements for certain trading pairs on #Binanceinvolving assets such as $SUN, $ARDR, $OSMO, $FUN and $GLM.

Our team is investigating and taking appropriate actions in regards to the suspicious accounts.

— Binance (@binance) December 11, 2022

Binance Says Altcoin Activity Is Not Connected To 3Commas

Chinese journalist Colin Wu used the following statements in his statement:

“On December 11, multiple altcoins OM / AMP / NEXO / POLS / SUN / ARDR / BIFI / XVS / ARK / LOOM / OSMO contra traded on Binance. It seems that some users’ API KEYs have been stolen by hackers and are related to 3Commas.”

3Commas said it has been working closely with the Binance team and has agreed to revoke old keys that have not been used for more than 3 months. 3Commas said this was most likely the result of a phishing case.

However, according to the statement made by Binance, the movements in question are not related to 3Commas:

“This activity does not appear to be due to compromised accounts or stolen API keys; funds SAFU.”

As it is known, many users said that after using 3Commas, a trading bot service, their accounts on cryptocurrency exchanges were stolen and their assets were emptied.

CZ Made a Statement on the Subject

Company CEO CZ said the following about the incident:

“Based on our research so far, it looks like it’s just market behavior. Someone deposited money and started buying. (Hackers don’t deposit money). Others followed him. We do not see a link between the accounts.

We have temporarily locked withdrawals from some of the profitable accounts, which has resulted in numerous complaints on social media, all from different countries.

Too much interference from the platform, “too central” attacks, etc. We are aware of the concepts. There is a balance in how much we need to intervene. Sometimes these things happen in the free market and we have to let it flow.”

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. 🙏 3/3.

— CZ 🔶 Binance (@cz_binance) December 11, 2022

*Not investment advice.