{"id":113825,"date":"2019-09-17T07:08:51","date_gmt":"2019-09-17T07:08:51","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=113825"},"modified":"2026-04-26T16:22:24","modified_gmt":"2026-04-26T15:22:24","slug":"bitmex-ceo-binance-market-maker-slip-up","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/bitmex-ceo-binance-market-maker-slip-up\/","title":{"rendered":"BitMEX CEO responds to Binance\u2019s market maker slip up, offers CZ a \u201ccopy\/paste\u201d course"},"content":{"rendered":"

Arthur Hayes, the CEO of BitMEX, responded to Changpeng Zhao's false accusations of a Binance futures market maker attack\u2014satirically. Hayes offered him a \u201ccopy\/paste\u201d course for 51 percent of his equity, alluding to earlier plagiarism accusations<\/a>. Zhao replied he\u2019d be happy to buy-in.<\/p>\n

CZ's quick fingers get him in trouble, yet again<\/h2>\n

The rivalry between two of the biggest crypto derivatives platforms in the world shows no signs of stopping. The CEO of BitMEX<\/a>, the first exchange to introduce a crypto futures trading platform, Arthur Hayes<\/a>\u00a0missed no opportunities to take a jab at their main competitor\u2014Binance<\/a>.<\/p>\n

Changpeng Zhao<\/a>, the CEO of Binance, has been known for his easygoing attitude towards slip ups and mistakes made by his company. But, this time Zhao's attitude got the best of him when he hastily accused one of Binance's clients of attacking its futures platform<\/a>.<\/p>\n

In a Twitter post, Zhao said that the attacker as a “well-known” account that attempted to use the sudden price drop in Binance's Bitcoin<\/a> futures to turn a profit and liquidate other clients. However, it quickly turned out that the sudden futures price drop wasn't due to a malicious attack, but was caused by a “bad parameter” set by the client.<\/p>\n

Zhao's lighthearted<\/a> way of dealing with situations like these wasn't well-received by the crypto community, with many criticizing him for posting harsh accusations and lacking a fundamental understanding of how futures trading platforms work.<\/p>\n

Hayes uses the opportunity to take a jab at CZ<\/h2>\n

Joining the slew of those criticizing Zhao was Arthur Hayes, the CEO of Binance's main competitor BitMEX. He took the opportunity to continue his Twitter back-and-forth<\/a> with him and criticize him for the incident.<\/p>\n

In a tweet, Zhao said that no users were affected by the drop in the future\u2019s price thanks to a supposed invention by Binance. The innovation, he explained, was setting off liquidations based on the exchange's own index price, and not the futures price.<\/p>\n

In response to a user who tweeted that liquidations tied to the index price were a long-time staple at BitMEX, Hayes offered to teach Zhao how to run a crypto derivatives platform.<\/p>\n

\n

Next time I\u2019m down in Singapore @cz_binance<\/a> please attend my running a crypto derivatives platform 101. I teach advanced cntl+C cntl+V methods. Price of entry … 51% of your equity. https:\/\/t.co\/RYGkf4aJih<\/a><\/p>\n

— Arthur Hayes (@CryptoHayes) September 16, 2019<\/a><\/p><\/blockquote>\n