The largest crypto exchange in the world by trading volume, Binance, was hacked yesterday. There were many numerous concerned users that took to Reddit and Twitter complaining about their altcoins that were instantly converted into Bitcoin without their permission.
Even though a lot of these users haven’t log to their accounts in days, they saw that the only thing they have in their Binance accounts was Bitcoin worth of funds. As one of the users said:
“Same happened to me. I had 100% USDT worth $1548. Today I logged in so I can buy some XRP, but my account balance is $200 out of $1548, and apparently I bought 5 VIA coins and exchanged my USDT to BTC while I was in the gym?”
Other reports by users on Reddit say that the Bitcoins of some users were used to buy VIA coins for 0.025 each. After receiving the bitcoins, the hackers managed to withdraw them in small amounts without attracting any attention. For Binance, the hack was spotted after almost an hour – and the accounts were frozen after they got the first complaints.
Another Reddit user also tried to describe what happened to his profile, stating:
“The hacker accumulated VIA in advance (from Binance or other exchange and sent to Binance) then he set a huge sell order at 0.025BTC. Then using API made some account sell alts and buy VIA with that BTC, [and then withdrew] BTC.”
While some of the traders pointed out to this hack as one coming from the vulnerabilities of trading bots and APIs for some services, others tossed these assumptions. Even though there are several theories about how this hack happened, Binance said that all irregular trades have been reversed and that withdrawals, deposits and tradings are now fully operational.
Binance has reversed all irregular trades. All deposit, trading and withdrawal are resumed. will write a more detailed account of what happened shortly. Interestingly, the hackers lost coins during this attempt. We will donate this to Binance Charity.
— CZ (not giving crypto away) (@cz_binance) March 7, 2018
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