Newsflash: Bitcoin Price Sinks 10% amid Binance Hack Rumors

Bitcoin price hit a 10-day low of $9,400 (Bitfinex) as major cryptocurrency exchange Binance froze withdrawals due to “unauthorized market sells.”

Bitcoin shed some of its recent gains today, dropping over 10% on the back of rumors that Binance, one of the world’s largest crypto exchanges by trading volumes, has been hacked.

“WTF is happening! Binance just sold all my alts at market rate and I have got just the Bitcoin now,” a user wrote on Binance’s official Reddit page. “Is it because of account getting hacked or binance bot issue?” Other users expressed similar concerns with their crypto holdings.

Following up with a statement, a moderator for the exchange announced a temporary freeze on withdrawals insisting that the victims, recognized thus far, have registered API keys  - commonly used in trading bots and Binance’s mobile and desktop applications. Binance insists that its platform has not been hacked.

The Binance representative wrote:

We are investigating reports of some users having issues with their funds. Our team is aware and investigating the issue as we speak.

As of this moment, the only confirmed victims have registered API keys (to use with trading bots or otherwise). There is no evidence of the Binance platform being compromised.

At press time, bitcoin price is posting a recovery in trading near $9,700.

For a real-time bitcoin price chart, click here.

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Last modified (UTC): March 7, 2018 7:02 PM

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Samburaj Das @sambdas

Samburaj is the Editor for CCN, among the earliest and foremost publications covering blockchain, cryptocurrency and financial technology news. He has authored over 1,500 articles for CCN and is invested in Bitcoin. Email him samburaj(@)ccn.com or find him barely tweeting @sambdas

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