Last minute. The crypto exchange Binance suspends a trader’s account after complaints on Twitter. We tell you the allegations of both!
The main cryptocurrency exchange, Binance, suspends the account of one of the largest and most influential traders in the crypto community. Due to a series of tweets accusing Binance and 3Commas of leaking their API, causing the loss of their funds.
Specifically, after a Twitter user by the name of CoinMamba complained that Binance and CEO Changpeng Zhao had done nothing to help them recover money they believed was stolen from their account, Binance closed the account. of the user.
« Yes CZ, you just closed my Binance account due to my tweets. He’s not sure what to say. This is unacceptable and I am sure that most of you will agree with me on this ».
Yeap, @cz_binance just closed my Binance account because of my tweets. Not sure what to say. This is unacceptable and I’m sure most of you will agree with me on this..— CoinMamba (@coinmamba) December 9, 2022
Binance suspends a user’s account
In fact, CoinMamba began tweeting about Binance on Tuesday after claiming that it lost money in its Binance account when an API key associated with 3Commas was compromised.
” 3Commas was used to trade small-cap coins to push the price up and make a profit .”
However, according to the user, Binance was not very helpful in recovering the lost funds. While Binance claims that the user “threatened ” their support staff, resulting in the account being suspended.
« I spoke to Binance support and so far they refuse to do anything to help me with the situation. Saying it’s my fault. I’m not sure how the API got leaked and whose fault it is .”
The API was only submitted to 3Commas and nowhere else, which I haven’t used since creating an account there. If you have similarly submitted your API there, you should immediately delete them from your Binance account.— CoinMamba (@coinmamba) December 8, 2022
For his part, Changpeng Zhao responded to CoinMamba stating that “ there is almost no way for us to be sure that users have not stolen their own API keys .”
« The operations were performed using API keys created by you. Otherwise, we’ll just be paying for users to lose their API keys. I hope you understand ».
What is the purpose of SAFU fund if not for situations like this. FTX did compensate while being insolvent. Think about that.. https://t.co/qq8rcvMjeg— CoinMamba (@coinmamba) December 9, 2022
Complaint tweets continue
Tweets from CoinMamba followed, in which the account claimed that ” all of these transactions are inaccurate ” and accused CZ of being ” greedy .”
To which CZ responded by stating that due to the latter’s ” unreasonable ” behavior, CZ was considering limiting the CoinMamba account to withdrawals only.
As a curious fact, the tweet was later deleted. However, it is still available as a screenshot on the thread.
Damnnn. Retaliation.. https://t.co/8Llj8Mza2B— CoinMamba (@coinmamba) December 9, 2022
About an hour later, Binance closed the CoinMamba account in response to threats it allegedly made to customer support representatives.
« You doubled down, refusing to file a police report. And instead, you tried to blame us, demanding compensation. You even went so far as to make threats, which we will not tolerate ».
By the way, according to the user’s tweets, 3Commas denied that exploits had been produced in its protocols and databases and, therefore, it had no responsibility for the theft of the API keys.
« Based on the information we have today, we have verified that no encryption protocol has been compromised nor has there been any breach of the 3Commas account security databases » .
So, CoinMamba wrote : “ Now that my account has been closed by Binance, I will be trading FTX again! ».
Finally, will Binance close the accounts of anyone who criticizes them? Leave your opinion in the comment box.
I close with this quote from Jim Rogers: ” Most successful investors do nothing most of the time .”