Bitcoin Forum
November 16, 2018, 09:21:35 PM *
News: Latest Bitcoin Core release: 0.17.0 [Torrent].
   Home   Help Search Login Register More  
Pages: [1]
Author Topic: [2018-03-07] Bots Blamed for Binance Bug That Leaves Traders Reeling  (Read 15 times)
Offline Offline

Activity: 238
Merit: 15


View Profile
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:

Pages: [1]
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!