abdullatrader
Long

Bitcoin Price Analysis After Binance Hack!

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Dear traders,

Here is an update on Bitcoin             price analysis. We are currently trading above the support level which is great. Once we get a breakout from the defined area (grey line) Bitcoin             will resume its trend!

More on Bianace hack from CEO             of Bianace on twitter.

6 hours ago: "Binance has reversed all irregular trades. All deposit, trading and withdrawal are resumed. 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."

9 hours ago: "We have localized the irregular trades, they will be reversed. All funds are safe, thanks to the fast alarm. Please learn to secure your accounts against phishing."

10 hours ago: "All funds are safe. There were irregularities in trading activity, automatic alarms triggered. Some accounts may have been compromised by phishing from before. We are still investigating. All funds are safe."

Best of luck,
Abdulla
Comment: Summary of the Phishing and Attempted Stealing Incident on Binance

On Mar 7, UTC 14:58-14:59, within this 2 minute period, the VIA/BTC market experienced abnormal trading activity. Our automatic risk management system was triggered, and all withdrawals were halted immediately.

This was part of a large scale phishing and stealing attempt.

So far: All funds are safe and no funds have been stolen.

The hackers accumulated user account credentials over a long period of time. The earliest phishing attack seems to have dated back to early Jan. However it was around Feb 22, where a heavy concentration of phishing attacks were seen using unicode domains, looking very much like binance.com, with the only difference being 2 dots at the bottom of 2 characters. Many users fell for these traps and phishing attempts. After acquiring these user accounts, the hacker then simply created a trading API key for each account but took no further actions, until yesterday.

Yesterday, within the aforementioned 2 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 was an attempt to move the BTC from the phished accounts to the 31 accounts. Withdrawal requests were then attempted from these accounts immediately afterwards.

However, as withdrawals were already automatically disabled by our risk management system, none of the withdrawals successfully went out. Additionally, the VIA coins deposited by the hackers were also frozen. Not only did the hacker not steal any coins out, their own coins have also been withheld.

The hackers were well organized. They were patient enough to not take any immediate action, and waited for the most opportune moment to act. They also selected VIA, a coin with smaller liquidity, to maximize their own gains.

After a thorough security check by Binance, we resumed withdrawals. Trading functionality was never affected. There are still some users whose accounts where phished by these hackers and their BTC were used to buy VIA or other coins. Unfortunately, those trades did not execute against any of the hackers’ accounts as counterpart. As such, we are not in a position to reverse those trades. We again advise all traders to take special precaution to secure their account credentials.

Protecting our traders is and has always been our highest priority.

Thanks for your support!

Binance Team

2018/03/08
Order cancelled: Bitcoin never broke out from the level highlighted in the chart above. Selling pressure resumed, I'll update this idea soon. Have a great day :)!

P.S. I'm still bullish on Crypto :)
Thanks for the update brother. Very bullish on crypto here as well. EU, US and oriental markets will be better regulated, leading to more acceptance. Hopefully we'll finally see a sense of proportion in valuation of small alts as well.
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Been following you for a week or so now and you are super LEGIT! Thanks for the updates!
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Thank you for the update.
I am just getting started on my trading journey after many years of studying, however there are pieces to the puzzle I know that I am missing.
I put some money into Bitcoin through Coinbase and had to ride the down move as I waited for the coin to get into my wallet.
Please keep posting, It is a GREAT help to many of us and is greatly appreciated.
Mike
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wrong again. no supply levels on parabolic sell offs . she will just continue to sell off. dont try to beat the market,play the market. the trend is your friend
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Well it didn’t hold. I shorted the drop from 9,500 to 8,500 whilst I slept which was nice. Let’s see if 8,000-8,500 holds or its most likely down to 5,800 - 6,400 we go. I’m ready to ladder in when the time is right. I’m confident one more proper low is what we need to get the buyers back. Way too many traders / investors waiting for 6k BTC again combine that with all the FUD and this is what we have..
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lol personally I find bitcoin perma-bulls funny. We are clearly currently in a market draw down. That's some dow theory for you. Save your funds for brighter days. Clearly there is yet more to come.
+3 Reply
Cryptotraider crypto008
@crypto008, China ban cripto!!!
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AlwinGoutham samiswilf
@samiswilf, Enlighten us with your TA or just stay away.we don't want empty words.
+2 Reply
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