Crypto News Flash #111 : Binance Has Cleared Confusion & Reversed All Irregular Trades Regarding The Latest Potential 'Hack' !!

Binance, the largest cryptocurrency exchange by trading volume, had been 'hacked' on 7th March around 18:00.

Many Binance users have complained that their Alt coins had converted into BTC automatically while they weren't even logged in their account, without their permission. After this unfortunate incident, people head over to Reddit & Twitter and expressed their fear & anger. 

A User Julian_007 wrote this after the Binance 'hacking' incident:

“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?” 

As per several users on Reddit & Twitter, their Bitcoin were used to buy a particular coin 'VIA' at 0.025 per coin and after that hackers sold their holdings which they have already bought at very low price in Via Coin. After that they withdrew their BTC slowly and in small amount so that it would go undetected from Binance administrative team. 

After several people complained Binance about the issue, it took almost 1 hours for Binance team to freeze withdrawal.  Some people even provided a theory which suggests that hackers compromised API keys on Binance which people uses to trade with Trading bots and on third party charting software. 

Binance later posted a Tweet suggesting that All the irregular trades have been reversed and deposits plus withdrawals have become operational again. According to Binance’s CEO, Changpeng Zhao, the hackers used a phishing website to obtain login data and redirect users to the original Binance website.

Well, Binance has a great reputation and if every other day it got hacked by potential hackers, then I don't think people will use it to trade and even keep their BTC in Binance wallet. 

But for now, Binance is safe and nothing can be said surely about the future. 

Thanks for reading ...!!

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