Possible Hack Of Third-Party Tools Affects Binance Exchange Users

Users of Binance, the top cryptocurrency exchange in the world by trade volume, are reporting suspicious activity in their accounts stemming from an apparent hack on Reddit, March 7.

Binance has stated that the issues stem from third-party tools and that “there is no evidence” of the platform itself being compromised. The only users affected are those who have issued API keys on their accounts.

Reddit user shashankkgg originally posted in the Binance Exchange subreddit that all of their altcoins were sold at market rate.

Another Redditor wrote “My balance dropped by 25%, I now have VIA and 3 of my coins were sold in their entirety. I bought one of them back, only to have it sold again.”

According to their post on Reddit, Binance stated it is investigating user reports of “issues with [users’] funds.”

While Binance is investigating the issue, they have disabled all withdrawals.

Moderators of the CryptoCurrency subreddit recommend several courses of action for traders using a portfolio management tool or third-party trade bots that use Binance API keys. These include disabling those accounts on Binance or the tools themselves, disabling trade access to the API on Binance, or resetting the API key.