Bitcoin is being pressed by forces from every direction.
We published yesterday a live report on an attack on Binance, the biggest cryptocurrency exchange in the world.
The incident took place over the span of only two minutes, according to the official incident report, but that was enough to make serious waves in the cryptocurrency market. It also likely contributed to the crash in the price of Bitcoin that we saw last night.
In the incident report, which was released very shortly after the attack, Binance said: "All funds are safe and no funds have been stolen."
The exchange explains that the attack was sophisticated, and actually began in January. The hacker(s) were patient, spending time collecting user account credentials by imitating the official Binance logo (phishing) and creating an API key for each collected. API stands for application programming interface - it is by using this that one programme recognises another.
The hackers then waited for the most opportune moment to strike.
That moment was yesterday, UTC 14:58-14:59. They placed buys on the VIA/BTC market, and the price of VIA spiked from 64 million USD to 159 million USD:
VIA said that it is likely that its coin was chosen because of its "reasonably low marketcap". It added: "We feel really bad for those who are affected. We have offered Binance our technical support..."
We were informed about the issue that took place on Binance. Viacoin is in no way related or involved in this issue. We believe that Binance was not compromised or hacked.
31 accounts were prepared and waiting to sell the inflated VIA tokens, and withdrawal requests were registered from all of them immediately after the spike. Binance claims that the hackers did not profit from their operation, because withdrawals were automatically suspended by the Risk Management system: "Not only did the hacker not steal any coins out, their own coins have also been withheld," wrote the exchange.
However, regarding the Bitcoin-holding accounts that were compromised and used to buy VIA, Binance says that the transactions unfortunately cannot be reversed.
Repercussions for Bitcoin
Now, Binance is the world's biggest cryptocurrency exchange. Its CEO is a billionaire, coming third in a recent Forbes cryptocurrency rich list. More importantly, it handles over 2 trillion USD in cryptocurrency trading on a daily basis, one quarter of which takes the form of Bitcoin, according to data from coinmarketcap.com.
Bitcoin dropped just as Viacoin jumped, and there is undoubtedly a link. However, Viacoin has more or less returned to its regular price since the events have calmed down, while Bitcoin has not. This is because there are other factors at play too.
The authorities in the US have been closing in on cryptocurrency from all sides recently, reaching a crescendo this week with the SEC announcing that exchanges will have to register and a federal judge ruling that cryptocurrency is a commodity.
This is an ongoing trend in the rest of the world too. Even in Japan, one of the most cryptocurrency-friendly nations of the world, the financial watchdog has begun punishing and suspending exchanges that are not compliant with national standards of consumer protection.
We published yesterday a live report on an attack on Binance, the biggest cryptocurrency exchange in the world.
The incident took place over the span of only two minutes, according to the official incident report, but that was enough to make serious waves in the cryptocurrency market. It also likely contributed to the crash in the price of Bitcoin that we saw last night.
In the incident report, which was released very shortly after the attack, Binance said: "All funds are safe and no funds have been stolen."
The exchange explains that the attack was sophisticated, and actually began in January. The hacker(s) were patient, spending time collecting user account credentials by imitating the official Binance logo (phishing) and creating an API key for each collected. API stands for application programming interface - it is by using this that one programme recognises another.
The hackers then waited for the most opportune moment to strike.
That moment was yesterday, UTC 14:58-14:59. They placed buys on the VIA/BTC market, and the price of VIA spiked from 64 million USD to 159 million USD:
VIA said that it is likely that its coin was chosen because of its "reasonably low marketcap". It added: "We feel really bad for those who are affected. We have offered Binance our technical support..."
We were informed about the issue that took place on Binance. Viacoin is in no way related or involved in this issue. We believe that Binance was not compromised or hacked.
31 accounts were prepared and waiting to sell the inflated VIA tokens, and withdrawal requests were registered from all of them immediately after the spike. Binance claims that the hackers did not profit from their operation, because withdrawals were automatically suspended by the Risk Management system: "Not only did the hacker not steal any coins out, their own coins have also been withheld," wrote the exchange.
However, regarding the Bitcoin-holding accounts that were compromised and used to buy VIA, Binance says that the transactions unfortunately cannot be reversed.
Repercussions for Bitcoin
Now, Binance is the world's biggest cryptocurrency exchange. Its CEO is a billionaire, coming third in a recent Forbes cryptocurrency rich list. More importantly, it handles over 2 trillion USD in cryptocurrency trading on a daily basis, one quarter of which takes the form of Bitcoin, according to data from coinmarketcap.com.
Bitcoin dropped just as Viacoin jumped, and there is undoubtedly a link. However, Viacoin has more or less returned to its regular price since the events have calmed down, while Bitcoin has not. This is because there are other factors at play too.
The authorities in the US have been closing in on cryptocurrency from all sides recently, reaching a crescendo this week with the SEC announcing that exchanges will have to register and a federal judge ruling that cryptocurrency is a commodity.
This is an ongoing trend in the rest of the world too. Even in Japan, one of the most cryptocurrency-friendly nations of the world, the financial watchdog has begun punishing and suspending exchanges that are not compliant with national standards of consumer protection.
US Prosecutors Recommend 3-Year Prison Sentence for Binance's Changpeng Zhao: Report
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now π https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now π https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
π£ Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africaβs premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now π https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
π£ Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
π LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africaβs premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now π https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
π£ Stay updated with the latest in finance and trading!
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
π£ Stay updated with the latest in finance and trading!
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
π£ Stay updated with the latest in finance and trading!
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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