The Amount of FUD is Killing Us
Nope, Binance didn’t get hacked. A group of organized dudes coordinated to create the fake Binance site(look above) we’ve all heard about and phish data. But they decided not to act on it until 7 March. Bunch of pretty smart and patient individuals, we’d say!
So, What The Heck Happened
The hackers did a simultaneous dump of all the coins on the accounts they managed to hack, and immediately used all their ill-gotten “gains” to pump the VIA coin. Has anyone heard of VIA before? It’s a low volume coin which they bought prior and set sell orders right at the top, raking in a potential 1000% profit instantly.
Oh Crap, People Lost Their Coins on Binance
Nah. Not really. Binance has a risk management system which triggered and froze all withdrawals of the coin (even the ones the hackers placed in the first place). Thank goodness they managed to do reversals on some of the trade to recover some losses. Phew.
Summary of the Phishing and Attempted Stealing Incident on Binancehttps://t.co/qC9gCgonng
— binance (@binance_2017) March 8, 2018
Thanks to the sudden dump of coins and BTC plunging, others may have panic sold in the midst of an abrupt drop in prices across various top coins. Creating a small chain effect on selling. We too were confused just looking at the charts as it was a simultaneous sale and wondered, did someone have inside information on a potential bull run of BTC?
Tired of all the FUD
We decided to write this to help clear the air, as some articles are circulating… creating confusion and spreading unnecessary FUD. 2018 hasn’t been kind to crypto and any more FUD can just cause more breaking points and panic sells. We’re here to say, hope everyone stays strong and remember why you invested in the first place.
To everyone in the crypto world, please do be careful of scams and phishing sites. Cheers.