Bitcoin Price Drowns Amid Hack Attempt on Cryptocurrency Exchange Binance, Investopedia
Bitcoin prices continued to unravel during a hectic week punctuated by SEC scrutiny and an attempted hack on popular cryptocurrency exchange Binance. The price of one bitcoin token wasgoed about $9,820 spil of this writing, a druppel of 1.09% during the past 24 hours.
BTC prices klapper a low of $9,530.779 and a high of $Ten,115.39 during the past 24 hours on enlargening trading volume, according to WorldCoinIndex. Of the top Ten most valuable cryptocurrencies by market cap, 8 experienced price drops. The only exceptions were Ethereum Classic and Viacoin.
Yesterday, the cryptocurrency market wasgoed roiled by an attempted hack on Binance. The Japan-based exchange, which has $1.77 billion worth of virtual currencies on its verhoging, is one of the top three exchanges te the world by trading volume. (See also: Bitcoin Trading Volume Plunges to Two-Year Low.)
Binance Hack Attempt: ‘No Funds Have Bot Stolen’
The hacking rumors very first surfaced on Reddit and Twitter. One Reddit user wrote: “WTF is happening! Binance just sold all my alts at market ?rate and I have got just the bitcoin now. Is it because of account getting hacked or Binance ?bot punt?”
Binance has since released a statement insisting it had not bot hacked. “This wasgoed part of a large-scale phishing and stealing attempt,” the exchange wrote on its webstek. “So far: All funds are safe and no funds have bot stolen.”
Binance explained what happened:
The hackers accumulated user account credentials overheen a long period of time. The earliest phishing attack seems to have dated back to early Jan. However it wasgoed around Feb 22, where a strong concentration of phishing attacks were seen using unicode domains, looking very much like binance.com, with the only difference being Two dots at the bottom of Two characters. Many users fell for thesis traps and phishing attempts. After acquiring thesis user accounts, the hacker then simply created a trading API key for each account but took no further deeds, until yesterday.
Yesterday, within the aforementioned Two minute period, the hackers used the API keys, placed a large number of market buys on the VIA/BTC market, pushing the price high, while 31 pre-deposited accounts were there selling VIA at the top. This wasgoed an attempt to budge the BTC from the phished accounts to the 31 accounts. Withdrawal requests were then attempted from thesis accounts instantly afterwards.
However, spil withdrawals were already automatically disabled by our risk management system, none of the withdrawals successfully went out.
Hacking remains a gigantic concern te the wake of several high-profile cryptocurrency hacks overheen the years. The most latest one involved Coincheck, where cyberthieves stole 500 million NEM tokens worth $400 million from its trading verhoging te January 2018. (See more: Coincheck May Have Suffered The Worst Hack Ter Crypto History.)
Regulators Turn the Screws
Another event that shook the market wasgoed a verrassing announcement by the Securities and Exchange Commission mandating that all crypto exchanges vereiste register with the agency. This wasgoed not welcome news for crypto evangelists. (See more: Bitcoin Price Tumbles Below $10k Spil SEC Says Exchanges Voorwaarde Register With It.)
Regulators around the world are commencing to turn the screws on the digital currency market. Just last week, the Russian government announced it will criminalize the use of bitcoin spil a substitute for money and said it will roll out detailed crypto regulations by July 1. (See more: Russia to Criminalize Bitcoin Use spil Money Substitute: Putin to Roll Out Laws.)
The governments te South Korea and China have already introduced regulations and guidelines during the past few months. Spil virtual currencies inch toward mainstream adoption, it’s only a matter of time before regulators attempt to rein ter the decentralized, unregulated marketplace. There’s sure to be a lotsbestemming more activity ter the coming months.
The price of a single bitcoin at the time of writing wasgoed $9,820.
Investing ter cryptocurrencies and Initial Coin Offerings (“ICOs”) is very risky and speculative, and this article is not a recommendation by Investopedia or the writer to invest ter cryptocurrencies or ICOs. Since each individual’s situation is unique, a qualified professional should always be consulted before making any financial decisions. Investopedia makes no representations or warranties spil to the accuracy or timeliness of the information contained herein. Spil of the date this article wasgoed written, the author wields no cryptocurrencies.