In the turbulent digital currency market, Binance, as a well-known trading platform, has recently set off a big uproar. According to reports, some altcoins on Binance are suspected of cross-trading, which has attracted widespread attention from the market. At the same time, Binance founder Zhao Changpeng announced the suspension of withdrawals from profitable accounts, which has aroused investors' doubts and confusion. Let's delve into the truth behind this incident.

As one of the world's largest cryptocurrency trading platforms, Binance's trading activities have always attracted much attention. However, recent reports have pointed out that some altcoins on Binance are suspected of cross-trading. The so-called cross-trading refers to the behavior of buyers and sellers in the same exchange to achieve false transactions through internal transactions in order to manipulate prices or obtain improper benefits. This behavior not only distorts market prices, but also harms the interests of the majority of investors.

It is understood that Binance has launched a large number of altcoins on its exchange. The prices of these altcoins fluctuate greatly, the market liquidity is low, and they are easily manipulated. Some investors broke the news that some altcoins with abnormal trading volume and abnormal price fluctuations were found on the Binance platform, and they suspected that there were cross-trading. Once this accusation was exposed, it immediately aroused doubts and concerns in the market.

In response to this matter, Binance founder Zhao Changpeng also issued a relevant statement, stating that he would conduct a thorough investigation into suspected cross-trading and suspend withdrawals from profitable accounts to ensure the rights and interests of investors. Although Zhao Changpeng's statement was intended to stabilize market sentiment, it also exposed some problems in Binance's internal management. Investors have questioned the transparency and fairness of Binance's transactions, and cast a shadow on future investment prospects.

In this storm, Binance needs to publish the transaction data of altcoins more transparently, strengthen the supervision of trading behaviors, and avoid the occurrence of improper behaviors such as cross-trading. At the same time, regulatory authorities should also increase supervision of the digital currency market, standardize market order, and protect the legitimate rights and interests of investors. Only by establishing a fair, transparent and healthy digital currency trading environment can the long-term development of the industry be promoted.

In general, the suspected cross-trading of Binance altcoins and the suspension of withdrawals from profitable accounts by Zhao Changpeng have aroused widespread attention and discussion in the market. This is not only a test of Binance's internal management mechanism, but also an important node in the development of the digital currency market. We hope that Binance and relevant regulatory authorities can properly handle this matter, maintain market order, and create a fair and transparent trading environment for investors. Only in this way can the digital currency market continue to develop healthily and bring more opportunities and benefits to investors.

The four most famous international exchanges:

Binance INTL	OKX INTL	Gate.io INTL	Huobi INTL
China Line　APP DL	China Line　APP DL	China Line　APP DL	China Line　APP DL

Note: The above exchange logo is the official website registration link, and the text is the APP download link.

Coin Circle (120Btc.com) News: In the early morning of today (11), the exchange () was suspected of large-scale knock-on transactions, including: OSMO, OM, AMP, NEXO, POLS, SUN, ARDR, BIFI, XVS, ARK, LOOM and many other altcoins. The sudden huge trading volume made netizens speculate that it may be related to the leakage of API keys of trading robots such as 3Commas and hacker theft of coins.

Binance Warning: Abnormal fluctuations in altcoin transactions, the team has launched an investigation

Then at around 4 pm today, Binance issued an announcement warning that it has noticed abnormal price changes in certain trading pairs on Binance, involving assets such as SUN, ARDR, OSMO, FUN and GLM. The team is investigating suspicious accounts and taking appropriate actions.

In addition, Binance clarified that this activity was not caused by account theft or API key theft, and the funds are currently safe.

CZ: Withdrawals of profitable accounts have been suspended, "there is a balance in the platform's intervention"

At the same time, Binance CEO Zhao Changpeng (CZ) also tweeted that these activities are market behaviors, and explained why Binance officials restricted withdrawals of relevant profitable accounts.

"Based on our current investigation, this seems to be just a market behavior. One person deposited funds and started buying (hackers don't deposit money), and others followed suit, and there was no connection between the accounts. Currently, Binance has temporarily locked withdrawals from some profitable accounts, which has caused many complaints from users from different countries on social media. Although we know that the platform cannot intervene too much, which will lead to "too concentrated" attacks, etc., we hope to achieve a balance of intervention in the neutral market. ”

3Commas: API key and trading platform attacks are not caused by system vulnerabilities

It is worth noting that since October, the trading robot service 3Commas has reported that users' accounts on exchanges such as Binance, Coinbase, and FTX have been involved in counter-trading thefts. One FTX user lost $6 million as a result. The victim accused 3Commas of leaking their API key credentials, causing hackers to steal funds.

However, today, 3Commas founder and CEO Yuriy Sorokin released another investigation update on API key and trading platform attacks. The announcement stated that a lot of information was collected from affected users. According to this information, each case is different. In addition to unauthorized trading activities, there is no relevant connection between the reported cases. In addition, a large number of high-net-worth individuals who use 3Commas have not been affected. Therefore, all signs indicate that it is not caused by vulnerabilities in the 3Commas system.

In addition, 3Commas said it will revoke API keys that have not been used for more than 3 months to ensure the safety of users.