The attacker lost a bunch of money
The bad actor who wreaked havoc with Binance Futures turned out to be someone who has “a well-known account” with Binance. This is already the second time when he tries to cause a string of liquidations on the exchange after he started his own futures platform.
CZ clarified that the market maker who managed to tank the price of BTC to $10,024 was the one who lost “a bunch of money.” None of the exchange users got liquidated as a result of these shenanigans.
Binance was able to dodge the bullet because it now uses the index price instead of the futures prices for liquidation. Although it was touted as an innovation by CZ, his followers pointed out that BitMEX, the number one exchange for trading Bitcoin derivatives, has had its liquidations tied to the index price “since forever.”
It was an accident
A few hours later, CZ tweeted that the attack was accidental. The black swan situation took place due to a “bad parameter” on the user’s side.
Some of the users took to the other side’s defense, claiming that it was very premature to call out the “attacker” before doing due diligence.