Binance Blocks Some Withdrawals CEO Tweets

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n response to the inquiry into "abnormal price movements" on Binance, CEO of the exchange Changpeng Zhao (CZ) reassured users that he is addressing such concerns swiftly. He also denies any reports of stolen API keys, emphasizing that user security remains a priority for his company. 

CZ announced that, due to some of the profiting accounts receiving negative feedback on social media, they have temporarily suspended withdrawals.

The official Binance Twitter account made a statement that allayed fears of hacked accounts and stolen API keys, claiming that funds are "SAFU." This announcement put to rest the apprehension raised on social media.

Upon further investigation, Binance's formal Twitter account discovered that the erratic pricing movements were not caused by hacked accounts or compromised API keys. Sun Token, Ardor, Osmosis, FUNToken and Golem are among the trading pairs which experienced these unusual fluctuations.

"Based on our investigations so far, this appears to be just market behavior,” CZ, tweeted before explaining: "One guy deposited funds and started buying. (Hackers don’t deposit). Other guys followed. Can’t see linkage between the accounts."

Mike

An editor at Coincrop

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Mike is a Coincrop staff writer based in the UK, covering the best rates for cryptocurrency earning and borrowing products. When not at work, he's likely putting his latest car project back together.