Binance & Viacoin

The cryptocurrency market was in chaos after the events which have occurred on Binance last Wednesday. Many user accounts were supposedly hacked and their funds were used to buy Viacoin.

Hours after the trouble started, the Chief Executive Officer of Binance, Changpeng Zhao, tweeted: “All funds are safe” and some calm was established in the market, but most people didn't rest assured until the funds were given back to their accounts some days later.

How The Binance & Viacoin Situation Started…

After some Binance account started to use all their funds to buy Viacoin, rumors about a big hack started to take the web. Many users checked their Binance accounts and discovered that they only had Viacoin and their funds were converted into either BTC or Viacoin without their consent.

Binance stated that no hack occurred, even when users went to social media and started to trade stories about the so-called Viacoin hack. Binance insisted that the funds were safe and Changpeng himself tweeted that, while some accounts may have been compromised before the commotion for other reasons, everything was alright and the company was investigating.

All transactions were suspended momentaneously after an announcement of the company on Reddit and investigations started.

Viacoin was having a good day in the market even before the event and it saw a spike in its trading volume when the glitch (or hack) started.

The Possible Reason Why The Viacoin Was Bought

Some time after the event, a thread on Reddit came to the conclusion that the whole glitch could have been caused by a combination of trading bots and stolen API keys which may have caused a bug or maybe it was intentional to make these users buy Viacoin.

Unfortunately, it is impossible to know for sure what has happened until Binance concludes its investigation and let the world know what has really happened last Wednesday.

What Binance & Viacoin Say About The Event

Binance urged its users to stay as calm as possible and stated that the money would be given back without any losses. All the trades were stopped and reversed. The CEO of Binance even stated that the hackers, if there were any, might have lost money because of the transactions. It also swore to discover what caused the bug or attack.

Viacoin stated that it was not related to the problem which had occurred on Binance and that they also did not believe that the cryptocurrency exchange was hacked or compromised.

At the moment of this report, Binance did not send out to the press an official statement about the whole case, but unofficial information leads us to believe that it was an outside job with hackers and that everything has been corrected so far.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

2 × 4 =