The post SBF and Caroline Manipulated Bitcoin Price, But Is CZ Innocent? appeared on BitcoinEthereumNews.com.

Value investor Mike Alfred has accused Binance and its CEO Changpeng Zhao of illegally manipulating Bitcoin’s price through wash trading. In a series of tweets, Alfred warned that Binance was selling Bitcoin to inflate Binance Coin (BNB). He argues that these tactics call into question Binance’s trustworthiness. Value investor Mike Alfred levied accusations that Binance and CEO Changpeng Zhao are illegally manipulating Bitcoin’s price through practices like wash trading. He also warned that Binance was selling Bitcoin to inflate BNB. In a series of tweets, Alfred stated that everyone knows with certainty that SBF and Caroline were manipulating the price of Bitcoin using customer funds. But “STILL naive clowns on the internet don’t think the ‘Wash Trading King’ CZ is capable of it. Insane, “ Alfred concluded. We now know with certainty that SBF and Caroline were manipulating the price of BTC using customer funds. And STILL naive clowns on the internet don’t think the “Wash Trading King” CZ is capable of it. Insane. https://t.co/FyypkytDWn — Mike Alfred (@mikealfred) October 11, 2023 Alfred argued that if Zhao is willing to deploy these tactics, it calls into question Binance’s overall trustworthiness. He contends Zhao intentionally depressed Bitcoin as yields and the dollar fell, which should have buoyed BTC. By keeping Bitcoin subdued against positive macro conditions, in Alfred’s view, Binance can reduce outflows from BNB while saving the coin. These assertions follow Alfred’s previous allegations that Binance engages in rampant wash trading to inflate its reported volumes. However, he provided no concrete evidence of deliberate Bitcoin price interference. Binance maintains that it employs sophisticated market surveillance tools to detect abusive activities and denies engaging in trading manipulation. The exchange has yet to directly address Alfred’s accusations. Others urge regulators to thoroughly investigate Binance’s activities, given its systemic importance and opaque practices.…

---

Filed under: News - @ October 13, 2023 12:16 am