Binance eventually responds to traders online, which has been accused of manipulating millions of soles and ath tokens through vinormut and manipulating the market.
recently Post Binance shared by customer aid account, Binance replied to a businessman that on-chanting data was asked in which the hot wallet of Benance “millions of Solana (Sol) and Etherium (Eth) token Showed.
Responding to the comment, Benance denied the allegations that he had “dumped” or “sold” to millions of tokens. It claimed that many traders have “misunderstood” the on-chain transactions associated with vinemuts.
“As an exchange, we only help users match trades and we have no visibility in our users decisions, including market manufacturer, who can move our property according to their strategies Hai, “Recently, Benance explained in a post.
The exchange warned the traders to “jump to conclusions about the screenshot of the transaction” and they should learn to recognize the strategy that inspire fear, uncertainty and doubt or FUD in the market.
Furthermore, Benance urged its users to learn more about how market manufacturers operate vinormutes to better understand their role in facilitating liquidity.
On 24 February, in the figures of Arkham Intelligence, Benance extended at least 103,570 souls (at that time $ 16.32 million) and about 25,000 ETH ($ 80 million) to market manufacturer vintarmoot. Many traders interpreted it as selling or dumping these tokens with their crypto holdings.
Investors and traders saw the phenomenon as an indication that the Benance was preparing for market instability, which could affect liquority and trading volumes for Sol and ETH. A day later, the price of bitcoin fell below $ 90,000 to fall to the Crypto market, which led to the liquidation that exceeded $ 1 billion.
At that time, traders accused Benance, Baibit, and other major centralized exchanges to “manipulate the market” with large -scale sales and price capping. However, there is no decisive evidence to support these claims.
In a link shared by Benance with its response, the exchange claimed that it appoints a market monitoring program on its platform that to detect and stop manipulation in the market and to ensure “a proper trading environment” Works.
Why did Binance send the token to Wintermute?
Market manufacturer is firm or institutions that specialize in providing liquidity in the Crypto market to buy and sell orders in the Crypto market, thus enabled bid-pure spreads and enable smooth trading activities. Markets make an important role in the Crypto market as they absorb large orders, reduce the decline of the price and contribute to the market stability.
Exchange such as binance usually partner with market makers, providing them as a bonus with tokens or continuously enhancing their inventory for encouragement for market makers. By doing this, market manufacturers such as wintermute can increase liquidity on the platform.
An an analyst of X explained that the bennen was not selling the vinemut to the token, but withdraws tokens from the holdings of Benance to maintain the liquidity of the Vermute market.
