Binance "HACK" - Reason for -10% Bitcoin Plummet? - Crypto FUD
This is my first post so I’ll try my best to write better than a 1st grader 😉 I was doing some research this morning and came across some interesting FUD in the market that I thought I would share. Although there is always a lot of FUD I believe this to be the catalyst in the current decline.
Why has Bitcoin plummeted??
Bitcoin has dropped more than 10% since this morning after rumors of a Binance “hack” or malicious use of “trade bots”. Although reports from users are still coming in. It appears users experienced the following:
- All their ALT coins were sold at market value
- Extremely high buy orders for VIA coin (you can see this in the volume of VIAcoin)
The buying orders from compromised accounts caused Viacoin to rise from 3500 to 18000 in just a few minutes.
It is still uncertain how this “hack” or malicious trading happened; however, Binance released a statement regarding it only affected those that have registered API keys and has since disabled withdrawals.
Source for statement https://www.reddit.com/r/BinanceExchange/comments/82pj5p/please_read_regarding_unauthorized_market_sells/
What are your thoughts?
Sources to check for more information
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