Binance has denied that it was hacked after an extensive halt of trading and customer withdrawals
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 mercantilism venue, one in all 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! purchase Order dead VIAcoin at dreadful prices!” denote another user.
According to many posts on Reddit, Twitter and alternative 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 currently was that a lot of accounts got hacked, then they tense VIA value, that rose from 3500 to 18000 in an exceedingly couple of minutes, victimisation the comprised accounts’ assets.
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 workers at same they're work reports of some users having problems with their funds. “Our team is aware and work the difficulty as we tend to speak. Please stay patient and that we can offer associate update as quickly as possible'” they additional.
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.