In a June 13 tweet, Binance CEO Changpeng Zhao said that the crypto exchange had not sold any Bitcoin (BTC) or Binance Coin (BNB), dismissing rumors of insider wash trading as “FUD.”

The rumors began circulating earlier in the day when several industry watchers highlighted abnormal trading activity on Binance.

Market analyst “JW” accused Binance and Zhao of spot selling Bitcoin to artificially prop up the price of BNB, in order to prevent a liquidation waterfall. 

“As spot Bitcoin is sold off, BNB is purchased, which defends the $220 liquidation but also caps the upside potential of Bitcoin. It is a total house of cards,” JW said.

Technical analysis platform Skew confirmed JW’s findings, saying that BTC appeared to be sold off for USDT reserves. This USDT was in turn being pumped into BNB aggressively since May 27, noted the analysts. Meanwhile, BNB was being sold off for BUSD to suppress downside volatility in BTC, so that this BTC could be swapped for USDT.

“This is technically market manipulation, Binance is definitely up to something here to prevent BNB from crashing as well BTC,” said Skew.

On-chain analyst Dylan LeClair also weighed in on Skew’s observations, opining that BNB “is clearly a fake market.”

“It served as beta all bull market and now is trading with less realized vol then BTC. CZ is the only buyer, and OI [Open Interest] is coming more from other exchanges than ever before. Have fun forking over $150m in stables to pay those Venus loans as well…,” tweeted LeClair.

Earlier this week, the Venus Protocol confirmed that the BNB Chain would be taking over as the sole liquidator of a position created by the BNB cross-chain bridge exploiter in October to prevent a $200 million liquidation event that would likely be triggered if BNB’s price falls below the $220 mark.