Tag: Binance

Binance CEO brushes off negativity, assures firm has ‘no liquidity issues’

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Binance co-founder and CEO Changpeng ‘CZ’ Zhao has hosed down recent rumors against his firm, assuring its balance sheet and employee retention remain robust, despite the recent market uncertainty. The Binance boss blamed negative news, rumors, bank runs, lawsuits, the closing of fiat channels, product wind-downs and employee turnovers for creating an environment of FUD (fear, uncertainty, doubt) in a Sept. 7 post on X (Twitter).  Saw some debates in the community. When you do the right thing, and there is FUD, you don’t have to do anything. The community…

Binance To Refund Users $1 Million In USDT Following CyberConnect Incident

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Binance, one of the leading cryptocurrency exchanges, has recently decided to refund users $1 million USDT (Tether) following an incident related to the CyberConnect (CYBER) token.  The refund aims to compensate users affected by a price discrepancy on listed CYBER tokens due to liquidity constraints on the Korean cryptocurrency exchange Upbit. Binance Addresses CyberConnect Woes As described by Binance, the incident unfolded when a liquidity crunch on CYBER cross-chain bridges hindered transactions on Upbit. This led to a price disparity between Upbit and other exchanges, attracting arbitrageurs who borrowed CYBER from…

Polygon Foundation Refutes Claims Of Dumping MATIC On Binance

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Blockchain analytics site Lookonchain flagged recent transactions of two on-chain addresses allegedly owned by the Polygon Foundation. The platform reported that one of these wallet addresses had transferred large amounts of MATIC – the Polygon network’s native token – to Binance in the past two days. According to Lookonchain, the two addresses, tagged as  “Polygon Foundation: 0x8d36” and “Polygon Foundation: 0xf957,” have collectively transferred nearly $6 million worth of MATIC to Binance over the past month, with more than half of the amount deposited onto the exchange in the last…

Binance to reimburse users $1M for Cyber Earn incident

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Crypto exchange Binance is refunding users 1 million Tether ($1 million) over its handling of the CyberConnect (CYBER) token incident. As narrated by the exchange on Sept. 7, a price discrepancy on listed CYBER tokens occurred the week prior due to a liquidity crunch constricting CYBER cross-chain bridges on Korean cryptocurrency exchange Upbit. This led to arbitrageurs borrowing CYBER from Binance to profit from the differential. In turn, Binance users who staked CYBER in its Flexible Earn Program were barred from redemptions as the staked assets had been borrowed, reaching…

Polygon Foundation denies MATIC dump on Binance, claims wallets were mislabeled

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Blockchain analytic firm Lookonchain flagged a crypto wallet allegedly belonging to Polygon Foundation that transferred large amounts of Matic tokens on Binance. Polygon Labs founder Sandeep Nailwal refuted the claim and said it was a case of mislabeling and the wallet doesn’t belong to Polygon Foundation. One more time, incorrect labelling @lookonchain. This is the second time this has happened. Plz be careful about these tweets , creates unnecessary FUDs for the community https://t.co/mVpaIYB9Xt — Sandeep Nailwal | sandeep. polygon (@sandeepnailwal) September 7, 2023 Lookonchain flagged two wallets “Polygon Foundation:…

Binance crypto exchange saw departure of 10 key executives in 2023. Here’s the list

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The world’s leading crypto exchange by trading volume Binance has seen the departure of 10 key executives from various departments in the first nine months of 2023. While executive departures from a company are a norm based on their preset contractual obligations, the number of executives leaving Binance amid growing regulatory troubles has been a key talking point in the crypto community. The latest to join the list is Helen Hai, the executive vice president of the crypto exchange, who announced her resignation from her post on Sept. 6. On…

Crypto whales shuffle millions via Binance amid regulatory scrutiny

Amid executive departures and trading suspensions, Binance faces liquidity concerns as whale activity reveals a complex pattern. Binance, the world’s leading crypto exchange, remains under scrutiny while the community maintains a cautious stance concerning its general liquidity. In the past week, several high-level executives from the exchange’s APAC and Eastern Europe divisions have resigned. Moreover, Binance has temporarily suspended trading of multiple altcoins, including the BUSD stablecoin, in response to mounting regulatory pressure. As these issues converge, whales appear to be changing tact, shuffling coins around. Data from crypto analysis…

Binance creates smart contract to refund users affected by $3M rug pull

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Crypto exchange Binance has created an automated smart contract to reimburse users following the events of the Xirtam rug pull. According to a Sept. 6 announcement, users affected by the Xirtam rug pull can receive their money by connecting their wallets to Etherscan, passing a verification check and calling the claim function through the contract address. Users must have submitted their applications by Aug. 2 to be eligible for recovery. “We have received several reports of XIRTAM incidents and are fully aware of the seriousness of the problem,” the exchange previously…

PERP Spikes 90%, Perpetual Protocol Foundation Sends Tokens To Binance: Is This Good

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PERP, the native token of Perpetual Protocol, is one of the top-performing assets, looking at price action in the past 48 hours. As of September 6, the token is changing hands at $0.78, adding roughly 90% from August 2023 highs.  Amid this stellar performance, reports reveal that the Perpetual Protocol Foundation has transferred 903,000 PERP worth approximately $691,000 to Binance, the world’s largest cryptocurrency exchange by trading volumes and client count. PERP transfers to Binance: Etherscan PERP Ripping Higher After Dumping In Q2 2023 According to Lookonchain, a blockchain analytic platform, the wallet…