Binance CEO Changpeng Zhao: ‘All Funds Are Safe’

Binance CEO Changpeng Zhao announced the irregular trades have been determined and will be reversed. He also addressed users to secure their accounts against future phishing attacks.

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On Wednesday, Binance, the renowned cryptocurrency exchanges in the world by volume has been hacked.

Binance users complained about Reddit and Twitter by stating their altcoins had been converted into Bitcoins without their authorization. Most of the users had not signed into their accounts.

“Binance just sold all my alts at market rate, and I have got just the Bitcoin now. Is it because of account getting hack or binance bot issue? Have raised a ticket 715903 for this.”

One of the Binance user named as Julian_007 commented on Reddit that

“Same happened to me. I had 100% USDT worth $1548. Today I log in so I can buy some xrp, but my account balance is $200 out of $1548, and apparently, I bought 5 VIA coins and exchanges my USDT to BTC while I was in the gym?”

After observing several complaints, Bitcoin was used to purchase VIA coins for 0.025 BTC. The attackers organized to withdraw received Bitcoin in small amounts without disturbing the user’s concentration. Binance administration spends more than an hour to freeze withdrawals after receiving the first complaints from Reddit user.

Reddit user Bonnie _channel asked

“Do you use any trading bots like profit trailed or gunbot? Do you have any API opened for any services?”

Replying to the upraised questioned, Binance wrote on Twitter & Reddit.

On Twitter 


“Binance has reversed all irregular trades. All deposit, trading, and withdrawal are resumes. Will write a more detailed account of what happened shortly. Interestingly, the hackers lost coins during this attempt. We will donate this to Binance Charity.”

On Reddit

We are investigating reports of some users having issues with their funds. Our team is aware and studying the matter as we speak.

“As of this moment, the only confirmed victims have registered API keys (to use with trading bots or otherwise). There is no evidence of the Binance platform being compromised.

Please remain patient, and we will provide an update as quickly as possible.

Edit: Withdrawals are temporarily disables at this time.

Edit II: Reversal of suspicious trades is in progress. Hoping to have the exchange fully functional again soon.”

Binance CEO also assures that all the funds of the Binance users are secure and safe from all the external activities.

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David Kariuki is a journalist who has a wide range of experience reporting about modern technology solutions including cryptocurrencies. A graduate of Kenya's Moi University, he also writes for Hypergrid Business, Cryptomorrow, and Cleanleap, and has previously worked for Resources Quarterly and Construction Review magazines.

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