Binance, the major cryptocurrency exchange currently ranked second to OKEx in terms of trading volume, has temporarily suspended withdrawals and trading. Binance’s woes sparked a mix of criticism, concern and sympathy from users.
The outage at the trading venue, one of the world’s biggest, comes after a Reddit user published the following complaint: “WTF is happening! Binance just sold all my alts at market rate and I have got just the Bitcoin now. Is it because of account getting hacked or binance bot issue? Have raised a ticket 715903 for this.’
“Same Here! Buy Order executed VIAcoin at horrendous prices!” posted another user.
NOT GOOD! #binancehack pic.twitter.com/qHCcMwphcs
— rektkid (@rektkid_) March 7, 2018
According to several posts on Reddit, Twitter and other social channels, someone hacked the trading bot used by majority of people on Binance. The hackers sold the altcoins in comprised accounts and bought another virtual coin, Viacoin (VIA).
The basic facts for now were that many accounts got hacked, then they pumped VIA price, which rose 10,000% in a few minutes then came back down again, using the comprised accounts’ altcoins.
Binance has denied that it was hacked after an extensive halt of trading and customer withdrawals of funds at one of the world’s biggest cryptocurrencies exchanges.
The support staff at Binance said they are investigating reports of some users having issues with their funds. “Our team is aware and investigating the issue as we speak. Please remain patient and we will provide an update as quickly as possible’” they added.
Trading bots or algorithmic trading is a technique that uses pre-programmed software that monitor the market and execute trades. These bots have long been working on crypto-exchange markets, with some of them were mainly designed to pump an altcoin or token. Pump and dumps are very common in crypto markets as social media hype is a big influence for newbie traders.
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