Suddenly, the Bitcoin fell-course: problems in Binance

On the Binance Futures platform swayed the Bitcoin exchange rate on 16. September considerably. The supposed reason triggered a Tweet-series to the managing Director, Changpeng Zhao. And showed the mangende maturity of the world's largest crypto-exchange.

By Phillip Horch
16. September 2019BTC$10.155,32 -1.19%part Facebook Twitter LinkedIn xing mail

Bitcoin Futures are in high demand. The investment vehicle, which can be used to bet on the Bitcoin rate, divide the Community. The futures contracts for crypto are currencies suspected to have an influence on the Price development of BTC. On the other hand they offer traders a chance to profit when prices are falling – a combination of shock from the crypto eco-system and the traditional financial market.

And suddenly the price of Bitcoin

fluctuated During the Community, announced currently being on the physically-backed Bitcoin Futures from home Bakkt waits, also has one of the largest crypto exchanges in the world the launch of its own platform. This is currently still in the final stages of the test run. Selected users were able to test until Recently, two platforms to decide which one works better. Binance decided then however for both platforms.

there was clearly to start trouble. As tweeted by the Director of the crypto-exchange on the Morning of the 16th. September that an "attacker" on the Futures exchange of Binance manipulated the Bitcoin price down – more precisely, of 10.324 US $ 10.024 US Dollar.

How to Changpeng Zhao is reported now, however, the supposed "attacker" apparently from their own ranks – there were technical problems with the Market makers. According to Zhao, the kink in the Bitcoin have affected course no user, except the attacker himself.

A market maker from a smaller futures exchange tried to attack @binance futures platform. NO ONE was liquidated, as we use the index price (not futures prices) for liquidation (our innovation). Only the attacker lost a bunch of money, and that was that. pic.twitter.com/ztMZEtYKc6

— CZ Binance (@cz_binance) September 16, 2019

tried A Market Maker of a smaller Futures platform, the Binance Futures platform to attack. NONE of them was liquidated, since we use the Index-price (and not the Futures prices) for liquidations (our new). Only the attacker has lost a lot of money – and that was that.

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Then the shock: The attacker is supposed to be factory for the second Time, run:

The attacker is a well-known account that trades with @binance, and started their own futures exchange a few months ago. This was the 2nd attempt they tried. Shame!

— CZ Binance (@cz_binance) September 16, 2019

The attacker is a well-known Account that is on Binance and its own Futures Exchange a couple of months ago launched. This was his second attempt. Shame!

But then came the resolution. Changpeng Zhao found out that it was a "Mistake". Technical difficulties should have triggered the short-term Bitcoin price Manipulation on the Futures platform:

Had a chat with the client. It was an accident, due to a bad parameter on their side. Not intentionally. All good now.

— CZ Binance (@cz_binance) September 16, 2019

I had a Chat with the Client. It was an accident, because there was a bad Parameter on your page. It was not the intention. Now all is well.

All good?

The incident again attention to the fact that the Blockchain Ecosystem to Mature. The managing Director of the largest crypto exchange in the world to complains on Twitter, an alleged attacker that he is trying to manipulate the Bitcoin price, or to influence the trading platform. After a short time, it is striking, however, that it was just a technical error.

on top of that, it was, according to Zhao to the second attempt of the hacker to manipulate the System. In this case, such messages, and security vulnerabilities are exactly what triggers for regulatory authorities in doubt. The US securities and exchange Commission complains that there is possible Bitcoin price manipulation because of the lack of security in exchanges. That is reason enough for the Securities and Exchange Commission approved no BTC ETF.

In the recent past, repeated messages came up also, the security measures of Binance doubt. The stock exchange lost in an attack, about 7,000 BTC. Added to this were reports of unfair entanglements with regard to the charity Binance Charity. The managing Director, Helen Hai is the way to operate a Shoe factory that needs to be worked in appalling conditions. At the beginning of August a Datenleak was known then, where a Hacker released customer data – images office badge, derived from the verification measures.

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