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CZ is concerned about fraudulent transactions
The CEO of crypto exchange Binance , Changpeng Zhao CZ , raised concerns to traders about the phenomenon of trading fraud prevalent on other crypto exchanges, targeting other crypto exchanges. into FTX.
Cryptocurrency trading disturbances involve “jitters” – the exchange’s customary trading arrangements in which an investor’s buy or sell order is stuck and pushed lower on the order list, allow newer trading orders to be executed.
Just learned a new word, jitters. On 1 particular exchange, sometimes your orders will be stuck for a bit, and a few other orders will get in front of you. Apparently, this happens often enough on this exchange that the traders coined a term for it, jitters. (Front running) 🚫
— CZ 🔶 BNB (@cz_binance) August 19, 2022
FTX Targeted Community
Although CZ did not specifically refer to any exchange, the crypto community on Twitter suggested that it was a mine at FTX , a cryptocurrency exchange led by Sam Bankman-Fried. In response to the community’s reaction that ‘jitters’ are a common and accepted situation, CZ added:
“You all know and say nothing. We need to fight the bad guys.”
All of you guys knew and didn't say anything. We need to fight the bad players.
— CZ 🔶 BNB (@cz_binance) August 19, 2022
Related shady signs
CZ continues to contact VIP traders on Binance who have confirmed knowledge of illegal trading activities. The indirect allegation against FTX coincides with the time when the Federal Deposit Insurance Corporation (FDIC) issued cease and desist orders against the FTX exchange and four other crypto companies.
According to the FDIC, FTX US, SmartAssets, FDICCrypto, Cryptonews and Cryptosec allegedly misled investors by claiming their products were FDIC-insured. Reacting to the order, FTX US president Brett Harrison deleted a tweet that made a statement opposed by the FDIC.
However, the community was quick to point to many other instances when Harrison fraudulently claimed FDIC insurance.
— AG123 (@AG123321GA) August 19, 2022
To prevent this situation, SBF will work with FDIC in the future while emphasizing that “FTX US is not FDIC insured”.
In addition, the crypto exchange has begun blocking accounts that have deposited crypto through zk.money, a private layer-2 chain powered by the Aztec Network on Ethereum.
Recently, FTX froze a user account who sent coins to @aztecnetwork 's zkmoney. According to FTX, Aztec Connect – Aztec network / zk money has been identified as a mixing service, which is a high-risk activity prohibited by FTX.
— Wu Blockchain (@WuBlockchain) August 19, 2022
In response, the SBF supported FTX’s decision to monitor the accounts on the grounds of anti-money laundering (AML) compliance. However, he refuted the claims by adding, “but that doesn’t mean any accounts are frozen.”
