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Cryptocurrency Crash: Alleged Binance Hack causes panic

7b3440ab3a9885c956209e500b912ded - Cryptocurrency Crash: Alleged Binance Hack causes panic

The entire cryptocurrency market yesterday plummeted on average by more than 10 percent. The cause of the rumor that the popular crypto-currency exchange Binance has been hacked. Binance experienced a sudden Pump of Viacoin and then suspended for a short time, his withdrawals.

Last night, rumors of a Hack of Binance. Users of the exchange and is reported in the media numerous the fact that your crypto-currencies have been traded without your permission or completely gone. There was a presumption that the Trading API (programming interface) has been hacked by Binance, to grant Trading Bots and Services from third-party access to the user accounts to the stock exchange. The Two-factor authentication would have been by the API access bypassed.

As a result of the rumors, there was a mass panic. The entire market crashed, and crashed within a very short time, on average, by about 10 percent. The Bitcoin exchange rate, for example, fell abruptly from about 10.700 USD on 9700 USD. The total market capitalisation, crashed within a short time, from 429 to 388 billion USD. The profits of last week were made in order to niece.

The cause of the Crash is a Hack of Binance, but it was not as by numerous users in the social media suspects. Instead, hackers have started, such as by Binance communicated already in January 2018, a Phishing attack, in which over a long period of time, the credentials of many Binance users were stolen. The Phishing attack was carried out via Unicode Domains, which looked very similar to binance.com . Many users have fallen to this trap and have to Fake-websites, your access data and price given.

Using the access data or the Hacker Trading API Keys could produce. Yesterday, the hackers have used the Trading API to place within 2 minutes, a large number of purchases of Viacoin (VIA). The aim was to drive the price up, in order to maximize your profit. On the other hand, should probably be about the Trades, the tracks.

The trading volume of Viacoin rose of 116,000 euros to 9.3 million euros, the price of VIA rose within a few minutes of 2.22 EUR € 11.06 (“Peak”). Fortunately, the automatic risk management system of Binance handle. All payments were stopped immediately.

Since the hackers were able to make about the data, no payments on the compromised accounts, they had to transfer the stolen goods to their own accounts. On the accounts, the hackers were placed immediately after the attack withdrawal requests, the lock, however, were due to the automatic Withdrawal impossible. Worse could be due to Binance prevented.

However, there are, according to Binance a couple of user accounts that the attackers were able to steal an unknown number of Bitcoins. With regard to this, the Binance Team is not able to get this again.

Once again, even if, fortunately, the Binance has resorted to risk management and a major theft could prevent that crypto currencies should only be on the exchanges is kept, if active with you will be traded. In the Rest of the Desktop, Paper or Hardware Wallets. It should also be examined for its own protection against Phishing attacks whether you call the “right” website.

At the time of writing and since the clarification by Binance the entire crypto-currency market was able to show only a small approach of recovery. At the time of writing, the Bitcoin price stands at around 8.052 Euro (-5,8 % in the last 24 hrs.). The Ethereum rate is around 609 euros per ETH (-4.4% in the last 24 hrs.). Ripple is traded for 0,71 Euro (-3.0% in the last 24 hrs.).

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