On December 11, Binance began investigating suspicious behavior on its platform after detecting abnormal price movements for certain trading pairs. Binance CEO Changpeng Zhao stated that the price movements “appear to be just market behavior.”
The exchange temporarily blocked withdrawals for some accounts that made profits during the volatility, which caused some complaints on social media. Binance is continuing to investigate and will update investors as new information becomes available.
Binance CEO Changpeng Zhao reassured investors that the investigation did not point to the possibility of compromised accounts or stolen API keys. Zhao also addressed concerns about centralization and company intervention during similar occasions, stating that “there is a balance to how much we should intervene.”
He also clarified that Binance actively monitors accounts for possible manipulation but added that it can be difficult to detect if hackers are cautious in their use of stolen or compromised accounts.
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