Scam Binance

Writing to tell my said story on Binance last Friday, March 12 with BULL tokens (issued by FTX Exchange). If yoг also had such problems, especially if you are USA citizen — feel free to contact as I`m preparing collective complaint to SEC and CFTC. You can easily find me in Telegram (@ashcash).

Here’s my sad story or how I lost 3164.93 USDT in an hour due to miscorrelations and miscalculations of Binance.

On March 12th after great dump which, I decided to start forming position about 15:00 as the priced calmed a while down. For the last month I used BEAR tokens very productively, so at last it came time for BULL ones .

I was excited to use BULL tokens, as Binance assumes this tokens follow basis asset x3, if basic asset moves +1%, BULL token moves +3% (https://www.binance.com/en/support/articles/360038933471). So I opened positions in pairs: BULL/USDT, ETHBULL/USDT, EOSBULL/USDT, XRPBULL/USDT.

And then magic happened, without any correlative move of basic assets BULL tokens dropped from 40% to 65% percent. Below attaching screenshots and detailed explanations.

Said that Binance, I really liked till the moment, ignores my complaint about losses refund — wrote their support twice. Binance angels from Telegram group forwarded me to FTX, whom I wrote also. Was sadly surprised by their answer, to cut a long story short “it`s your problem, go to Binance with your complaint”.

The worst thing is they knew such price miscorrelation could happen, they had such accidents in September 2019 (screen of FTX support answer also attached). But neither Binance who listed BULL/BEAR tokens 17/01/2020, nor FTX posted this precaution. If Binance took care of its users they could stop trading BULL tokens till they come back in right correlation with basic assets, or at least post note about possibility of such problem.

Nothing was done by Binance, absolutely, and they even let themself to ignore such complaints. Even Bitmex refunded to their users losses caused by miscalculations.

Don’t let Binance full you and steal your money — connect me @ashcash and join https://t.me/scam_binance in Telegram, I`m sure our collective complaint to SEC and CFTC will make Binance to refund losses and be more responsible. The exchange feel very free as there`s no legislative regulation — let us, users, make them be responsible and careful about our funds and prevent such things happen in future.

Shame upon you, CZ! Our funds are not “safu”…

Attachment:

BULL/USDT delayed the price of basis asset Bitcoin 40 minutes it caused loses which I demand to compensate.

BULL time: 15:20, price 4091 USDT, then price drops to 2293 USDT at 16:00.
But Bitcoin didn`t move so much at this time: 15:20, price 6070 USDT, at 16:00 price was 6011 USDT. Such price movement couldn`t lead to BULL token to drop more than 40%. Had to close with a loss at 22:26 price 2438 USDT, managed to gain 6.3%.

I demand 100% compensation of all losses (671,35 USDT) and ungained profits (671.35*6.3%=42.29 USDT), total compensation 713,64 USDT.

BULL/USDT
BTC/USDT

ETHBULL/USDT delayed the price of basis asset Bitcoin 1 hour and 10 minutes it caused loses, which I demand to compensate.

ETHBULL time: 15:20, price 535 USDT, then price drops to 165 USDT at 16:30.
But ETH didn`t move so much at this time: 15:20, price 140 USDT, at 16:30 price was 127 USDT. Such price movement couldn`t lead to ETHBULL token to drop more than 65%. Had to close with a loss at 22:27 price 185 USDT, managed to gain 12 %.

I demand 100% compensation of all losses (1041,98 USDT) and ungained profits (1041.98*12%=125.03 USDT), total compensation 1167,02 USDT.

ETHBULL/USDT
ETH/USDT

XRPBULL/USDT delayed the price of basis asset Bitcoin 1 hour and 10 minutes it caused loses, which I demand to compensate.

XRPBULL time: 15:22, price 23.49 USDT, then price drops to 16.12 USDT at 16:30.
But XRP didn`t move so much at this time: 15:22, price 15.62 USDT, at 16:30 price was 15.29 USDT. Such price movement couldn`t lead to XRPBULL token to drop more than 31%. Had to close with a loss at 22:31 price 20.12 USDT, managed to gain 24.8 %.

I demand 100% compensation of all losses (229,31 USDT) and ungained profits (229.31*24.8%= 56.86 USDT), total compensation 286,18 USDT.

XRPBULL/USDT
XRP/USDT

EOSBULL/USDT delayed the price of basis asset EOS 1 hour and 10 minutes it caused loses, which I demand to compensate.

EOSBULL time: 15:24, price 17.37 USDT, then price drops to 6.92 USDT at 16:30.
But EOS didn`t move so much at this time: 15:22, price 2.13 USDT, at 16:30 price was 2.06 USDT. Such price movement couldn`t lead to EOSBULL token to drop more than 60%. Had to close with a loss at 22:23 price 8.10 USDT, managed to gain 17 %.

I demand 100% compensation of all losses (853,07 USDT) and ungained profits (853.07*17%= 145.02 USDT), total compensation 998,09 USDT.

EOSBULL/USDT
EOS/USDT
FTX Support Answer

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Index Trading Crypto

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AshCash

AshCash

Index Trading Crypto

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