Understanding the Incident
On September 16, Binance CEO Changpeng Zhao, affectionately known as CZ, faced a storm of concerns regarding an alleged attack on the firm’s newly minted Bitcoin futures platform. In a series of tweets (because of course, what else?!) he warned of potential threats emanating from one of its own market makers.
What Went Down?
It was reported that the BTC/USD order book saw a drastic drop, plummeting from $10,324 to $10,024—a $300 nosedive that raised eyebrows and sent traders into a frenzy. CZ likened the situation to an ominous cloud over the launch, describing it as the second attempted attack. As the digital age dictates, nothing stays under wraps for long, and the crypto community was buzzing with speculation.
The Real Culprit: A Technical Mishap
However, what initially appeared to be a malicious act turned out to be the result of a technical error on the part of the market maker. It seems the only perpetrator in this drama was a malefactor of their own making. Zhao reassured everyone that due to Binance’s unique settings, the $300 dip didn’t liquidate any trader’s positions; it merely left the
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