Changpen Zhao spoke about a new attack incident

Black Square Design
2 min readSep 16, 2019

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The Binance trading platform, one of the top cryptocurrency exchanges, has come under yet another crossfire. Early in the morning of September 16, the market maker on the Maltese exchange tried to change the trading of bitcoin futures for quick money.

According to estimates, the “attack” occurred around midnight on September 15th, it was based on exceeding the wick on the trading charts, as Binance CEO Changpen Zhao (CZ) said. In particular, he wrote that the culprit was a “small futures exchange”, and the target was the trading platform of Binance Derivatives derivatives.

Binance’s CEO also added that despite the fact that the attacker wanted to make money quickly and easily, the market maker was the only one who “lost a ton of money”.

Despite the fact that most of the attacks, trading or technical, in the world of cryptocurrencies are most often carried out by an unknown person, the attacker was known to Binance. In addition to his tweet, CZ noted that the “attacker” is “a well-known account that trades on @binance”.

CZ condemned this fortunately unsuccessful attempt by adding the word “shame” to his tweet.

Two hours after the publication of the failed attack, CZ confirmed that all this was an “accident”, which was clarified in the “chat with the client”. It’s all about the “bad parameters on their side”, this event was unintentional.

It seems that futures exchanges are becoming a hotbed of controversy in the world of cryptocurrencies. A few months ago, BitMEX, a 100-time leverage, came under the investigation of the US Commodity Futures Trading Commission (CFTC), which examined the allegations of Dr. Doom Nuriel Rubini.

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Black Square Design
Black Square Design

Written by Black Square Design

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