How this trader exploited a New Year glitch on Binance to make $1.5 million in a day
A trader named Vida made over $1.5 million by exploiting a $26 million anomalous buy wall on Binance for the token BROCCOLI714 on New Year's Day.Summary
A crypto trader, Vida, profited by over $1.5 million after noticing an unusual $26 million wall of buy orders on the Binance spot market for the obscure token BROCCOLI714 on New Year's Day. Initially hedging a spot long with a futures short, Vida realized the massive bid wall, which was statistically impossible for a rational actor, indicated an impending spot price pump. As the spot price surged, Binance's circuit breakers artificially capped the futures price, creating a massive disparity. Vida exploited this by aggressively buying long positions before the circuit breaker lifted, then selling everything for a large profit when the bid wall vanished. Shortly after Vida exited, the $26 million support disappeared, causing the token to crash, at which point Vida flipped short to capture the subsequent drop. Binance reportedly found no evidence of a hack, suggesting the anomaly was either an accidental or deliberate action by a sophisticated entity, raising questions about exchange risk controls.
(Source：CryptoSlate)