Bitcoin Forum

This is why I am staying away from using trading bots, and doing it the old fashion way.

People who are using a particular trading-bots which got hacked got all their altcoins sold off into BTC, and bought VIA.
Could this hack be a scam by VIA-coin?

https://www.financemagnates.com/cryptocurrency/news/binance-suspends-withdrawals-trading-bot-hacked-users-accounts/

There is a technical issue on their system and there was not hack issue but binance currently working on the problem. Do not worry it will be good at anytime

There were many reports I saw on reddit of people saying their funds were also sold and that they had never ever used a bot and had no clue what API is.

I don't suspect that we are ever going to fully know the details of what happened but I don't see why these people would lie, it will be easily verifiable for Binance. I guess the only reason is if they want to cause panic.

Just read this somewhere. Is this what affected bitcoin going down?

No, its actually 3rd party API running on Binance to automate trading, e.g. those annoying trading bots.
Binance accounts are safe. Perhaps a good thing that those bot users got burned.

So it turns out that the accounts were all phished. What I don't understand is how so many accounts were able to be accessed, I would have thought that almost all accounts were protected by 2fa and this would have stopped the issue?

I think I must be missing something.

hanks for the information, but it's better to do without bots, there's no trust in them...

Let's wait for Binance to make a formal announcement as how the hack happened. Actually they did the suspend withdrawals right away so that they can investigate further.

Not all accounts has been phished there are reports that most users funds are still intact. And it was really the bot who exploited or probably found vulnerabilities to make a sell and convert everything to bitcoin. I'm sure Binance is doing everything right now and inform their clients about what really happened.

That's too bad  :-[, binance is my favorite exchange for many reasons, one of them is that i can withdraw 0-2 BTC per day 

You're right, it's just interesting and fun to speculate while we wait!

Turns out Binance announced that all transactions have been reversed and the only ones to lose funds were the ones who tried to instigate the attack  ;D sucks to be those guys! I hope they lost a lot and binance seizes whatever else they had in their accounts.

Inside job or inside job. however you look at it, somebody with information about these bots and how they work, did this. they pumped VIA coin, why not pumping my activity token? all they needed was to pump the price and have people buying their VIA coins in FOMO.
If they stopped any withdrawals and reversed all the trades, what is the point of doing this?

maybe i missed it but the article had no mention of the name of the bot and just calls it "the trading bot used by majority of people"! so which one is it? and how was it hacked. you can't just write an article and make claims expecting us to take your word for it. let us know the name of this bot so we can avoid it or follow up with a fix for it.

It might be Altcoinbot.io according to https://news.bitcoin.com/bots-blamed-for-binance-bug-that-leaves-traders-counting-reeling/

In the past couple of days, Binance has done its investigation and it looks like they found the culprit.

I checked their official twitter page and it doesn't mentioned about the bot exploit though.

https://twitter.com/Altcoinbot_IO?lang=en   

What I really don't understand is that why VIA though.