Strange Day on Binance (And Lets Get Some Traffic for STEEM There!)

in #bitcoin7 years ago

If you are my reader you know how i fall in love with Binance since day one that ive used it. Luckily we got STEEM there now so im sure many of you use it already.

Today they are top1 exchange volume wise worldwide.

At some point during the day users started reporting that all their altcoins were spot sold.

Later on VIA pumped like crazy.

It was found out fast that some users got phished and a popular bot was possibly hacked and API keys of users accessed.

Binance freezed withdrawal and investigated.

On Mar 7, UTC 14:58-14:59, within this 2 minute period, the VIA/BTC market experienced abnormal trading activity. Our automatic risk management system was triggered, and all withdrawals were halted immediately.

This was part of a large scale phishing and stealing attempt.

So far: All funds are safe and no funds have been stolen.

The hackers accumulated user account credentials over a long period of time. The earliest phishing attack seems to have dated back to early Jan. However it was around Feb 22, where a heavy concentration of phishing attacks were seen using unicode domains, looking very much like binance.com, with the only difference being 2 dots at the bottom of 2 characters. Many users fell for these traps and phishing attempts. After acquiring these user accounts, the hacker then simply created a trading API key for each account but took no further actions, until yesterday.

Yesterday, within the aforementioned 2 minute period, the hackers used the API keys, placed a large number of market buys on the VIA/BTC market, pushing the price high, while 31 pre-deposited accounts were there selling VIA at the top. This was an attempt to move the BTC from the phished accounts to the 31 accounts. Withdrawal requests were then attempted from these accounts immediately afterwards.

However, as withdrawals were already automatically disabled by our risk management system, none of the withdrawals successfully went out. Additionally, the VIA coins deposited by the hackers were also frozen. Not only did the hacker not steal any coins out, their own coins have also been withheld.

The hackers were well organized. They were patient enough to not take any immediate action, and waited for the most opportune moment to act. They also selected VIA, a coin with smaller liquidity, to maximize their own gains.

After a thorough security check by Binance, we resumed withdrawals. Trading functionality was never affected. There are still some users whose accounts where phished by these hackers and their BTC were used to buy VIA or other coins. Unfortunately, those trades did not execute against any of the hackers’ accounts as counterpart. As such, we are not in a position to reverse those trades. We again advise all traders to take special precaution to secure their account credentials.

tldr; Hackers got access to some accounts and a bot, then used one of lowest liquidity markets (VIA) to dump all altcoins and buy overpriced VIA of themselves. Binances filters triggered, nothing got stolen and trades were re-rolled.

VIA Markets

So guys from the exchange did a really good job stopping this "hack".

STEEM IS THERE


Come on guys get to Binanace and lets do some volume, its a top1 exchange and more investors will notice us.

Follow, Resteem and VOTE UP @kingscrown creator of http://fuk.io blog for 0day cryptocurrency news and tips!

Sort:  

Good old rule confirmed again:
Your keys (private)- your money, no keys - not your money.

Couldn't have said it better myself :)

This was created not by me. But I have heard this rule so many times. Dozens. Maybe hundreds

Good thing is they were able to stop the theft and secured peoples fund. That they speaking out the truth is good.

Let's look at the bright side of this. It appears that #Binance knew about the issue fairly quickly and took action to mitigate theft by disabling withdrawls. They also did a reasonable job communicating on #Twitter and they also got withdrawals enabled in a reasonable amount of time. This incident actually increased my confidence in the platform because it shows that they are running an organization that knows they are a target and are clearly prepared to respond to issues when they do arise. Imagine how many hack attempts they get that they are able to fend off so we never hear about them.

Agreed, they did get onto it very quickly and prefessionally

I love Binance because they are so open about what is going on with response to their site... If anyone out there trading crypto on Binance, do yourself a favor and go find them on twiiter

Great sum up! Agree, think we all need to take action to promote steem. I drive a lot of traffic from Twitter and think it's important to raise awareness on steemit!

Did an analysis on the future price of Steem here:

STEEM - Analysis - The Future For STEEM Price ($31) https://steemit.com/steem/@benkalashnikov/steem-analysis-the-future-for-steem-price-usd31

Screen Shot 2018-03-08 at 17.33.31.png

@benkalashnikov with that sort of price prediction I will be a happy man...

I am crossing my fingers and toes that it gets there next month and a $100 by the end of the year :) (This might be wishful thinking though!)

Well Then I better go try get some more while the price is so good...

Totally! I think it is a really good price. I would buy more myself right now but I invest in an index and steem is not yet included in it.

When will it get to $1000. I think then I will just retire :)

This is why you never keep your coins on an exchange. Make your trades, get your coins and get the heck outta Dodge. Invest in a hardware wallet...

And if you do get hardware wallets such as ledger nano, trezor, or keepkey....it would be wise to buy from the company itself. Not from a 3rd party.

Some strange times in crypto lol

Everyday is rollercoaster ride. I recently got into it, every week there is something. Right when you think the storm is over, something new pops up.

At least it's not boring lol I'm still learning everyday after spending 2 years in crypto. Ive recently realized that the knowledge Ive learned is more valuable than all the profits Ive made in the market.

Very strange

I think that they have a positive side too as they have informed about the issue in social sites

Exchanges are for exchanging coins. If you want to avoid being hacked and want to actually control your crypto, keep it in a hardware wallet. If you keep it on an exchange you have no control over it. It’s usibg a trusted third party and no different from keeping cash in a bank.

We need to get steem dollars listed on there too
now steem is worth more than sbd again...i liked it better when 1 sbd got you more than 1 sp