Binance: “Well-known” Client Attacks the Binance’s Futures Platform by “Accident”

Binance

Binance: “Well-known” Client Attacks the Binance’s Futures Platform by “Accident”

On Monday, 16th September, Changpeng Zhao, the CEO of Binance, took to his Twitter account to reveal that a well-known account that trades with Binance had tried to hack its futures platform, but had failed. The crypto community did not react very well to the way Zhao handled the situation. 

Binance Users Unharmed in the Attack

On the morning of 16th September, Changpeng Zhao, also known as CZ, posted on Twitter that a market maker had tried to attack the Binance Futures platform. In another tweet, CZ revealed that the attacker was a well-known account that traded regularly with Binance and had recently launched their own futures exchange. This was the second time that the attacker had tried to compromise Binance’s operations.

Binance attack
Source: Twitter

 

Binance attack
Source: Twitter

The good news is that the attack has failed and no traders were affected since the platform uses the index price and not the futures price for liquidation. The attacker, however, lost some money. 

CZ also claimed that using the index price instead of the futures price for liquidation was Binance’s innovation. 

In a third tweet after a few hours of the first two tweets, CZ revealed that he had had a chat with the client, that is, the attacker. According to CZ, the attack was an accident caused by a “bad parameter”on the client’s side. The attack was unintentional and the issue has been resolved between CZ and the attacker. 

Binance Attack
Source: Twitter

Community Criticizes CZ for Unprofessional Behavior

The crypto community was far from pleased with the way Binance had handled the issue. Many users criticized CZ for behaving unprofessionally – calling out a client publicly before verifying the facts. 

Binance
Source: Twitter
Binance
Source: Twitter

Several crypto users were also quite skeptical of CZ’s version of the story. The questioned the accident’s “unintentional” nature in their comments and accused CZ of being a scammer.

Binance
Source: Twitter

This confusion around the attack and the company CEO’s response to it has not bode well for BNB, the native cryptocurrency of Binance. BNB is the only coin among the top ten coins which is in the red at present. At press time, it is trading at $20.79, 1% down from its price on the previous day. 

Source: CoinMarketCap

 

 

Summary
Binance: Futures Platform Attacked by “Accident”
Article Name
Binance: Futures Platform Attacked by “Accident”
Description
On Monday, 16th September, the Changpeng Zhao, the CEO of Binance, took to his Twitter account to reveal that a well-known account that trades with Binance had tried to hack its futures platform.
Author
Publisher Name
CoinGape
Publisher Logo
Coingape is committed to following the highest standards of journalism, and therefore, it abides by a strict editorial policy. While CoinGape takes all the measures to ensure that the facts presented in its news articles are accurate.
Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
Author: Vinnie Singh

All things Blockchain & Crypto. 3 years for writing for Crypto Publications, ICOs and Blockchain cos. Book Junkie. Travel Freak. Food rules my mood. Enough said. Follow me on twitter @vinniesingh7 or mail me at vinnie[at]squadx.io

Post your comment...
Vinnie Singh 32 Articles

All things Blockchain & Crypto. 3 years for writing for Crypto Publications, ICOs and Blockchain cos. Book Junkie. Travel Freak. Food rules my mood. Enough said. Follow me on twitter @vinniesingh7 or mail me at vinnie[at]squadx.io

Follow Vinnie @