Binance Attack: Irregular Trades Reversed And Hackers Lost Money
March 8, 2018 BY Sebastian Ifversen
Users of the biggest cryptocurrency exchange by trading volume, were phished by a group of hackers.
March 7th, irregular trading activity was detected on the Binance exchange. However, automatic alarms were triggered and immediately suspended all withdrawals.
Hackers collected user account credentials by imitating the official Binance website. Waiting for the most opportune moment, the hackers ordered the phished accounts to buy ViaCoin, resulting in a spike from $64 million to $159 million in total market cap and several hundred percent price increase.
The Binance CEO, Changpeng Zhou (CZ) demonstrated the phishing URL on Twitter:
However, due to the automatic alarms, the hackers were not able to withdraw anything and they actually ended up losing coins. All irregular trades have also been reversed and deposits, trading, and withdrawals have been resumed as well.