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Chinese victims who lost their assets on March 12 chose to protest in front of Binance office in Shanghai. ?

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onestop
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2 months ago3 min read

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๐Ÿ’ธ Chinese victims who lost their assets on March 12 chose to protest in front of Binance office in Shanghai.

๐Ÿ“‰ From IEO losses, contract downtime, contracts unable to close positions and stop losses, and the issue of delisting FTX leverag tokens. Activists say they have been blacked out by various Binance groups and kicked out as soon as they joined.

๐Ÿ“ This is a developing story and any inaccuracies will be updated.

Source Link: https://mp.weixin.qq.com/s/MrjmCoVTL4crjQetQxNZ4A

Report: Binance and the Delisting of FTX Leveraged Tokens

โœ”๏ธ Binance listed leveraged tokens that originated from an exchange called: FTX.COM. These tokens are referred to as FTX leveraged tokens.

โœ”๏ธ Binance misinformed their customers as to the nature of these FTX leveraged tokens and therefore mis-sold them complicated trading products: Binance did not create any adequate warnings until the tokens became one of the most highly traded assets on their platform. They bunched the tokens in amongst all other spot tokens when even less risky instruments like futures and margin have their own separate sections with adequate warnings.

โœ”๏ธ In between March 12 & 13 there was a market collapse, causing users to lose a lot of money. To counteract this drama, Binance quickly decided to announce a liquidation and delisting of the tokens, with no reimbursements for those already negatively impacted by massive losses.

โœ”๏ธ On the immediate dates after the market collapse (before Binance had announced or made clear their intentions to delist the tokens) there was a massive increase in volume on the token pairs. The prices of the tokens also no longer correlated to the base assets they were supposed to follow. This activity indicated that there was possible insider trading ahead of the eventual delisting announcement.

โœ”๏ธ Binance fully knew and admitted on twitter and elsewhere - that the high user activity the leveraged tokens achieved was due to users being misinformed, and heavily trading the tokens in ignorance. Knowing this, Binance still decided to now list their own leveraged tokens (BTCUP & BTCDOWN) with no affiliation to the former FTX tokens. It clear to many that Binance has defrauded their customers, tried to remove historical reference points/evidence, and then introduced their own version of the tokens so that only they would benefit from the proceeds.

โœ”๏ธ Victims are now coming together in groups to seek compensation for the mishandling of the FTX leveraged tokens on Binance, alternatively to file a class action lawsuit as a group of victims negatively affected by Binance.
Source Link: https://decrypt.co/24532/class-action-lawsuits-filed-against-7-bitcoin-companies

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