One of the Market Makers Targeted Binance Bitcoin the Second Time

Market Makers Targeted Binance Bitcoin

The Malta-based top cryptocurrency exchange Binance was aimed the second time by one of the market makers in the early hours of September 16, who attempted to twist the Bitcoin Futures trade to earn few bucks.

As per reports, the exchange was attacked on September 15 midnight based on the trading chats. Binance’s CEO Changpeng Zhao quickly reported about the target and tweeted in his account after the few hours of the incident.

According to the tweet of Zhao, the offender was from a “small futures exchange,” and he had targeted the Binance Derivatives trading platform. He also clarified that no one was liquidated, and the exchange uses index price for liquidation.

He further added in his tweet that in spite of trying to make quick money and easy cash, the market maker was the only one who lost some of his money.

The cryptocurrency world often faces attacks from the unknown entity, but this time the attack was from a known person. This was the second attempt tried by the same attacker in this few months.

The CEO confirmed after two hours that the incident was an accident as it was due to the bad guidelines on the side of the client. It was not done intentionally, and nothing had harmed the Binance Bitcoin.

Due to the flexible price of cryptocurrency linked with the immature futures market, which has resulted in numerous trading issues even to the big exchanges. The San Francisco based exchange Kraken also faced similar issues a few days back in its XBTUSD charts.

On 13th September 2000, UTC Bitcoin exchanges saw a future price that extended from $12000 to $8000. Many marketers in their tweet said that this is “a friendly whale demarcating the price of Bitcoin for the rest of the year.”

The exchanges are becoming a place for controversies in the cryptocurrency world. A few months earlier BitMEX, the poster child of Bitcoin Futures boasted a 100x leverage, which was caught by the US Commodity Future Trading Commission in an investigation, a paper trail left behind by none other than Dr. Doom, Nouriel Roubini.