Trading bot used by majority of people on Binance got hacked; not Binance.

TravelMug

hero member

Activity: 2632

Merit: 833

Quote from: vallera on March 13, 2018, 01:29:16 PM

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.

vallera

newbie

Activity: 56

Merit: 0

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

BrewMaster

legendary

Activity: 2128

Merit: 1293

There is trouble abrewing

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.

digaran

copper member

Activity: 1330

Merit: 899

🖤😏

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?

jmlona

member

Activity: 279

Merit: 16

Quote from: Baofeng on March 08, 2018, 11:59:02 AM

Quote from: jmlona on March 08, 2018, 11:37:29 AM

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.

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.

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 Grin

sucks to be those guys! I hope they lost a lot and binance seizes whatever else they had in their accounts.

hackl3r

member

Activity: 93

Merit: 10

That's too bad Embarrassed

, binance is my favorite exchange for many reasons, one of them is that i can withdraw 0-2 BTC per day

Baofeng

legendary

Activity: 2576

Merit: 1655

Quote from: jmlona on March 08, 2018, 11:37:29 AM

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.

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.

simple999

newbie

Activity: 69

Merit: 0

Quote from: JuniAiko on March 07, 2018, 12:54:56 PM

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/

Quote

According to several posts on Reddit, Twitter and other social channels, ‎someone hacked the trading bot used by majority of people on Binance. The ‎hackers sold the altcoins in comprised accounts and bought another virtual ‎coin, Viacoin (VIA)‎.

The basic facts for now was that many accounts got hacked, then they pumped VIA price, which rose from 3500 to 18000 in a few minutes, using the comprised accounts’ assets.

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

jmlona

member

Activity: 279

Merit: 16

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.

JuniAiko

member

Activity: 126

Merit: 10

DOGE:DDvXm3ZkXSFeZF9YVaTWGNyBZzfwVf8nnh

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.

Shammahtech

newbie

Activity: 9

Merit: 0

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

jmlona

member

Activity: 279

Merit: 16

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.

Monta3002

sr. member

Activity: 344

Merit: 257

EndChain - Complete Logistical Solution

Quote from: JuniAiko on March 07, 2018, 12:54:56 PM

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/

Quote

According to several posts on Reddit, Twitter and other social channels, ‎someone hacked the trading bot used by majority of people on Binance. The ‎hackers sold the altcoins in comprised accounts and bought another virtual ‎coin, Viacoin (VIA)‎.

The basic facts for now was that many accounts got hacked, then they pumped VIA price, which rose from 3500 to 18000 in a few minutes, using the comprised accounts’ assets.

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

JuniAiko

member

Activity: 126

Merit: 10

DOGE:DDvXm3ZkXSFeZF9YVaTWGNyBZzfwVf8nnh

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/

Quote

According to several posts on Reddit, Twitter and other social channels, ‎someone hacked the trading bot used by majority of people on Binance. The ‎hackers sold the altcoins in comprised accounts and bought another virtual ‎coin, Viacoin (VIA)‎.

The basic facts for now was that many accounts got hacked, then they pumped VIA price, which rose from 3500 to 18000 in a few minutes, using the comprised accounts’ assets.

Topic: Trading bot used by majority of people on Binance got hacked; not Binance. (Read 270 times)