The problem with Binance’s Bitcoin/USDT futures pair became a hot topic in a short time.
During the day, an interesting error occurred in the Bitcoin/USDT futures pair of the Binance exchange. In this error, which created a bombshell effect on the crypto agenda in a short time, it was seen that the Bitcoin price dropped to $ 2,707. Crypto investors had a brief heart attack when they saw the price. As the atmosphere of panic began to set in, statements came one after another from Binance CEO CZ.
Binance CEO CZ spoke about the problem
There was a short-term Bitcoin panic on Binance. Binance CEO CZ intervened in the chaos that emerged when the Bitcoin price dropped to $ 2,707. CZ stated that the error in the Bitcoin/USDT transaction pair was entirely a data reflection problem and that there was no problem in the trading process. CZ stated that the users were not victimized and no losses occurred.
This is a display ONLY issue. Trading not affected. https://t.co/ZixcFVcxQU
— CZ 🔶 Binance (@cz_binance) September 29, 2023
The succession of CZ’s posts on the subject attracted attention. CZ made hasty posts, as if to interfere with the FUD flow.
Referring to the error, CZ stated that this error occurred due to some new codes. CZ stated that the data would be retrieved and corrected. 5 minutes after this post, the problem was solved.
Root cause identified, some new code caused it. Need to revert and fix data.
Engineers say 1hr ETA for fix. So, expect 2hr or so. 🙏 https://t.co/nZzzTw1BIP
— CZ 🔶 Binance (@cz_binance) September 29, 2023
Looking at the liquidation data provided by Coinglass, it was seen that no liquidation took place due to this error. On-chain data revealed that the error experienced in the Bitcoin/USDT trading pair was not reflected in any trading status.
