Binance Temporarily Disables Withdrawals, Reports of Unauthorized Selling – Trustnodes

Binance Temporarily Disables Withdrawals, Reports of Unauthorized Selling


Binance users are reporting unauthorized selling of cryptocurrencies. “Binance just sold all my alts at market rate and I have got just the Bitcoin now,” says one such user.

“Coordinated dumping on Binance? Any theories as to why? Never seen anything like that before,” says another. Binance itself stated:

“We are investigating reports of some users having issues with their funds. Our team is aware and investigating the issue as we speak.

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

Please remain patient and we will provide an update as quickly as possible.

Withdrawals are temporarily disabled at this time.”

Pretty much all cryptos begun significantly falling a few minutes ago. Eth down $100, bitcoin down $1,000:

Something very strange happened with an obscure Viacoin, which has a Proof of Work algorithm that ensures it can only be mined on PCs and barely has a market cap of around $100 million.

It shot up on Binance a few minutes ago by some 1,000% to then crash down again, but up still around 50%. There are suggestions some $46 million may have been involved in the spike:

There are suggestions a trading bot used by many on Binance has been hacked, which may suggest this was a problem with a third party rather than Binance itself.

Binance’s CEO stated: “All funds are safe. There were irregularities in trading activity, automatic alarms triggered. Some accounts may have been compromised by phishing from before. We are still investigating. All funds are safe.”

He further added: “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.”

The situation thus now appears to be under control with the hackers seemingly being the ones that got hacked in what appears to be a first for an exchange.


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