If you’re new to Bitcoin then you may not know that the cryptocurrency market has about as much stability as a stick of butter in the microwave. Any little news, whether true or not can affect this young market that is made up of mostly under 30 ‘dudes’ who don’t really understand the technology behind bitcoin. Today was another such day where “fake news” hit the cryptocurrency market.
A little known coin Viacoin jumped up about 500% in about 5 minutes. If you don’t know, this is not normal. Rumors spread that somehow users accounts were used to buy VIA on Binance. Bitcoin, which had nothing to do with the issue, dropped 10% on the news. It got so bad that the Binance CEO had to tweet about it
All funds are safe. There were irregularities in trading activity, automatic alarms triggered. Some accounts may have been compromised by phishing from before. We are still investigating. All funds are safe.
— CZ (not giving crypto away) (@cz_binance) March 7, 2018
The API keys used by private traders were reportedly hacked. If you setup your account with 2FA it is impossible for something like this to happen. Despite the many warnings from guys and gals who have been in Bitcoin for years to use 2FA or store your crypto on a storage wallet like a LEDGER NANO S many new traders don’t heed good advice.
Binance has suspended withdrawals on the exchange so nobody is getting away with anything and all affected accounts (according to Binance…don’t come for us) will have their crypto returned.