Binance Futures Suffers a Weird Attack

September 17, 2019 8:37 PM UTC

Binance Futures Exchange Attack

Binance Futures testnet went live a few weeks ago alongside a trading competition of 10,000 BNB. Binance defines Futures as:

”an agreement to buy or sell a commodity, currency, or another instrument at a predetermined price at a specified time in the future.”

Changpeng Zhou, the CEO of Binance initially thought the flash crash was some sort of attack from a market maker and added that no one was liquidated thanks to their innovative system of using the index price instead of futures prices.

However, it turns out that the ”attack” was more like an error. CZ contacted the client in question and found out that it was an accident due to a bad parameter on the client’s side.

Some people expressed some skepticism about the whole thing and even called CZ a scammer and the recent tweets a blatant attempt at promoting their new liquidation system. Most concerns come from the fact that the client is a known market maker and supposedly this was the 2nd time it happened.

Binance Coin hasn’t been doing too great recently, however, thanks to the alt-coin momentum, the digital cryptocurrency was able to climb up about 5% today but still unable to break above the daily EMA.

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