A trader netted approximately $1 million from unusual price action in the BROCCOLI(714) token on Binance on January 1, 2026.
The low-liquidity meme token surged from $0.018 to $0.16 before crashing.
Social media speculation attributed the event to a compromised market maker account.
Binance has denied any security breach occurred.
What Happened
Trader Vida detected abnormal order book activity through automated alerts configured to flag 30% price moves within 30 minutes.
Binance's spot order book showed tens of millions of USDT stacked on the bid side for a token with $30-40 million market capitalization.
The futures market displayed minimal bid depth by comparison.
Vida went long during the artificial pump, then reversed to short positions when large bids suddenly disappeared from the spot book.
The price divergence between spot and perpetual futures markets signaled abnormal trading activity.
On-chain analyst Lookonchain reported the incident involved aggressive spot buying paired with leveraged perpetual futures positions.
Binance spokesperson told Cointelegraph the exchange launched an internal review.
The spokesperson said "there is no indication of a platform security breach or hacker activity" based on initial system checks.
Binance reported no account compromise reports through customer support channels.
Why It Matters
The incident exposed vulnerabilities in low-liquidity token markets on major exchanges.
BROCCOLI represents one of several meme tokens inspired by Binance co-founder Changpeng Zhao's dog.
The token previously experienced pump-and-dump schemes following CZ's February 2025 social media posts about his pet.
Binance maintains listings for low-liquidity tokens for months after activity declines.
The exchange's risk controls appeared to intervene by removing large bid orders during the anomaly.
Vida attributed success to disciplined execution and automated monitoring systems rather than speculation.
The trader noted "no whale would be dumb enough to do charity like that - no whale plays spot market like this."