Unusual trading activity in the low-liquidity meme coin BROCCOLI(714) on Binance was flagged on January 1 after the asset experienced an abrupt price surge followed by a sharp reversal.
The volatility allowed pseudonymous trader “Vida” to generate around $1 million in profit by reacting quickly to abnormal market signals.
Anomaly in BROCCOLI(714)
Vida said he already held spot and derivatives positions in BROCCOLI(714) and had set automated alerts to flag quick price increases and large divergences between spot and perpetual futures prices. When those alerts were triggered, he observed extreme imbalances in Binance’s order book. This included unusually large buy orders in the spot market that were not matched by similar depth in the futures market.
Viewing the behavior as highly irregular, Vida first closed an existing funding-rate arbitrage position to secure gains, then added long exposure as spot prices continued to rise. He closely monitored the order book for signs that the large bids would be pulled, which he believed would signal an imminent reversal. When those bids disappeared, Vida exited his long positions and quickly flipped to short, and then closed those trades after prices dropped sharply.
As reported by blockchain analytics firm Lookonchain, the activity appeared to be consistent with a hacker gaining control of a market maker’s accounts on Binance. According to Lookonchain, the suspected attacker attempted to move funds by aggressively buying spot, opening long perpetual positions through other accounts, and using coordinated self-trading. The main reason behind choosing BROCCOLI(714) could be due to its shallow liquidity and ease of price manipulation.
However, in a subsequent update, Vida said Binance’s internal investigation found no clear evidence of a hacking incident. The exchange stated that it had not identified definitive signs of account compromise based on internal data.
Community Reaction
Many traders called the price action fake and engineered. Several users said the token traded flat for most of the day before suddenly spiking and crashing, with no real spot demand or on-chain activity to support the move. Others argued the rally was driven almost entirely by futures and pointed to a forced squeeze rather than organic buying.
The latest incident also raised concerns about supply concentration, as Binance-controlled wallets held a large share of tokens, which makes price discovery highly centralized.
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