Binance Fights Abnormal Price Changes

Representatives of the largest cryptocurrency exchange Binance reported in their Twitter account about the observed anomalous movements on some cryptocurrency pairs. As a result, they have decided to suspend withdrawals in these assets.

Among these Binance assets were SUN, ARDR, OSMO, FUN, and GLM. They also determined that the activity is not related to any hacks or API keys, and therefore there is no need to worry about security:

We are aware of anomalous price movement in some trading pairs on Binance, including assets like SUN, ARDR, OSMO, FUN, and GLM.

This activity is not related to hacking accounts or stealing API keys; funds are safe.

Yesterday was recorded unusual activity. Various cryptocurrency pairs have shown unimaginable moves up and down. For example, the OSMO token at one moment was able to overcome 460% in growth in a short time, after which it rapidly dropped to the previous level.

Similar activity has been seen on ARDR, SUN, FUN and GLM. Binance conducted its own investigation to find out what could be the reason for such patterns of behavior and whether anything threatens the security of the exchange.

Ultimately, analysts determined that all the jumps were made only because of the behavior of the market. No hacks of accounts or API keys were found. For this reason, Binance has temporarily closed users' access to withdrawing funds from these crypto-currency assets.

In a special way, this affected those accounts that, with the help of such a situation, could earn a large amount of money on the conducted speculation. According to Changpeng Zhao, CEO of Binance, this case requires intervention, despite the fact that the act may find disapproval from crypto enthusiasts:

We are aware of the concept of too much interference from the platform, “too centralized” attacks, and so on. There is a balance in how much we should intervene. Sometimes this is necessary in the free market, and we had to finish it.