min to read

2019-09-16 19:27:29




News

Attack on Binance Futures turned out to be an unintended mistake of the customer

Binance Attack

min to read

2019-09-16 19:27:29

On Monday, September 16, the head of the Binance cryptocurrency exchange, Changpeng Zhao, informed of an attack on the platform for trading bitcoin futures.

On Monday, September 16, the head of the Binance cryptocurrency exchange, Changpeng Zhao, informed of an attack on the platform for trading bitcoin futures. Then he admitted the alarm was false.

 

 

Zhao said that one of the clients brought down the BTC/USD book of orders by $ 300 – from $ 10 324 to $ 10 024, but the positions of other traders were not liquidated. This was facilitated by what he called their own innovation – the index price. As a result, only the alleged attacker supposedly lost a bunch of money.

 

Zhao said that behind the attack was a market maker who had recently launched his own platform for trading bitcoin futures. According to him, this is the second incident of such kind.

 

 

As a result, it turned out that there was no attack. Technical problems on the client's side led to a situation similar to malicious actions.

 

 

"Had a chat with the client. It was an accident, due to a bad parameter on their side. Not intentional. All good now", Zhao summed up.

 

BitMEX chief executive Arthur Hayes has already commented on Twitter about the “innovativeness” of the index price, hinting that Binance has "copied" the idea from him.

 

"Next time I’m down in Singapore, Zhao, please attend my running a crypto derivatives platform 101. I teach advanced cntl+C cntl+V methods. Price of entry ... 51% of your equity", Hayes wrote.

 

 

We remind that the launch of Binance Futures took place on Friday, September 13.

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