Binance has stopped withdrawals

Marcin IwańskiWritten by | blockchain, news, regulations

Reddit users have reported suspicious activities on their Binance accounts.

User andrewjknox wrote that his coins were sold and now he is in possession of ViaCoin. He even bought one of his coins back, just to have it sold again.

Most of the users say that their cryptocurrencies were sold to BTC and then to ViaCoin. Looking at VIA chart, we can see that something has happened.

Binance has stated

*PLEASE READ* Regarding Unauthorized Market Sells from r/BinanceExchange

They are investigating the issue and to avoid any more damage, Binance has blocked the withdrawals.

In the next statement, Binance denied that someone had hacked their cryptocurrency exchange market. At the same time, they informed that clients’ accounts with registered API keys encountered problems. Those keys are used, among others, by trading bots and it looks like one of the trading bots is responsible for unauthorized transactions on client accounts. That software is used to monitor the market and automatically execute transactions following the programmed algorithm.

On the CryptoCurrency subreddit, we can find some security suggestions, which could prevent the similar situation.

Warning: Issues on Binance from r/CryptoCurrency

For now, you can trade on those platforms without any problems: CoinDeal, Bitfinex, Bitrex, Kraken – more you can find here.

Tell us what do you think about Binance issue.
Here in the comment section below, or via Facebook.

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Last modified: March 8, 2018

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