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Author Topic: [2018-03-07] Bots Blamed for Binance Bug That Leaves Traders Reeling  (Read 9 times)
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March 08, 2018, 07:17:20 AM

Bots Blamed for Binance Bug That Leaves Traders Reeling

Binance has found itself at the center of an unusual trading bug that has created big winners and losers. In a matter of minutes, viacoin pumped by 70x. Just to compound the drama, bitcoin experienced a massive sell-off shortly afterwards following bearish news from the SEC. Binance suspended withdrawals while it investigated the matter, but these have since been reactivated. Wednesday March 7 will go down as a memorable day in the exchange’s short history, but one with a happy ending.

Viacoin Goes on a Moon Mission
Pump and dump schemes are not unusual on cryptocurrency exchanges, but this wasn’t a usual pump. This was a mega pump which sent viacoin from $3 to $200 in record time. Binance wasn’t hacked. Rather, a compromised API is the culprit behind what was an extremely clever attack. First, the bot sold all the altcoins in accessible accounts at market prices, causing a sea of red. Then, it took the BTC profits and put them into viacoin. It may have occurred illegally, but if ever there were a case of a moon mission, this was it, as one Twitter user memorably depicted, the green candle standing proud in the center:


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