UPDATED: Binance – Hack – Transactions Reversed, Trading Reinstated, Crypto Briefing

World’s largest crypto exchange investigating malicious transfer of funds.

Binance, the world’s largest crypto exchange, temporarily froze withdrawals today after a suspected API hack sold off customer coins to buy a previously little-known coin, VIA, at a massively-inflated price.

UPDATE: Binance has posted an explanation of the phishing attack, noting that it wasgoed cautiously premeditated and preceded the execution of the trades by several weeks. Spil noted te our article on scams, a hard-to-detect method of redirecting unwitting users to a malicious webstek wasgoed traced spil the culprit. Binance says that all funds have bot returned, and all trading is restored.

UPDATE: “All deposit, trading and withdrawal are resumed.” Note that Changpeng Zhao refers to ‘hackers’ te this statement from his Twitter account.

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. Wij will donate this to Binance Charity.

— CZ (not providing crypto away) (@cz_binance) March 7,

UPDATE: ‘irregular’ trades will be reversed, says CEO of Binance.

Wij have localized the irregular trades, they will be reversed. All funds are safe, thanks to the quick noodsein. Please learn to secure your accounts against phishing. https://t.co/o3AGfYsWtW

— CZ (not providing crypto away) (@cz_binance) March 7,

UPDATE: Changpeng Zhao, CEO of Binance, says “all funds are safe”.

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All funds are safe. There were irregularities te trading activity, automatic alarms triggered. Some accounts may have bot compromised by phishing from before. Wij are still investigating. All funds are safe.

— CZ (not providing crypto away) (@cz_binance) March 7,

Via’s current market cap is under $80M, but trading te the coin exceeded $185M ter the 24 hours including the suspected attack. Albeit Viacoin published a Medium update today, nothing ter the article would seem to explain such a dramatic escalation ter the VIA price. On Binance, the price soared from

0.018 BTC at one point, an increase of

7,500%. While precies figures vary according to the source, Blockfolio reported a high of $243.73 and a low of $Two.Nineteen for the trading day.

An estimated $46M may have bot traded ter one minute during the suspected breach.

While details are lean, both the official Binance Telegram group (English) and the Reddit sub posted messages from an admin named “Symbiotic_BNB” that said:

“We are investigating reports of some users having issues with their funds. Our team is aware and investigating the punt spil wij speak. Please remain patient and wij will provide an update spil quickly spil possible.”

The most latest update available says:

“We are investigating reports of some users having issues with their funds. Our team is aware and investigating the kwestie spil wij speak.

Spil of this ogenblik, the only confirmed victims have registered API keys (to use with trading bots or otherwise). There is no evidence of the Binance podium being compromised.

Please remain patient and wij will provide an update spil quickly spil possible.

Edit: Withdrawals are temporarily disabled at this time.”

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Meantime, a reliable source who wished to remain anonymous told Crypto Briefing that a trading bot wasgoed to blame, the source described “a bot that some were using to trade automatically maliciously traded all alts into BTC and then bought VIA. If you weren’t using the BOT you are not affected.”

Crypto Briefing team members were able to confirm with third parties that Binance withdrawals ter several vooraanstaand coins were unavailable.

Speculation has centred on an API breach, spil many of the reports of unauthorized sales are from commentators who had an API enabled (even if trading through the API wasgoed disabled).

There are no indications of a 2-factor attack or a compromised app at this time.

A flash crash te Bitcoin and almost all altcoins seemed to coincide with the appearance of the breach. Spil of the time of publication, most of the top 50 coins were down 10% overheen the past 24 hours.

The mod team on Reddit is a disparate group of active Redditors, and persons or accounts with low karma. The Symbiotic_BNB account is only one month old.

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This article will be updated spil more details emerge.

2 comments

  1. ***MrsSmith***

    At mij all spil does not work binance, can be finite it and works at whom nibud, but at mij still is not present. Very strange of course, it’s more like they were hacked, but most likely I’m just mistaken

  2. Good to see! I know alot of people were worried about this. Rumors were going around that binance wasgoed hacked. Personally I didn’t believe it, but you know how thesis rumors get around so quickly. So glad to see that they’re wrapping it up. I also feel bad for those who had their funds or anything else tied up on binance during this process!

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