Bitcoin price is falling heavily on talk that Binance were hacked

Rumors of possible Binance hack as users report unauthoriused selling of their altcoins.
Awaiting official announcement on the situation from Binance themselves.

Ken Chigbo Independent Analyst

There are rumors suggested that cryptocurrency exchange Binance have been hacked. They have stated that withdrawals have been halted, as they investigate "unauthorized market sells." Bitcoin has been fall on these touted rumors, down over 10% on the day, breaking $10,000 again to the downside.

Some reports are suggesting that Binance has begun to sell users altcoins at market rate and this comes without any of their consent. Much of the users have taken to forum Reddit to express their concerns and worries. Elsewhere, talk that it isn’t a hack but more of a malfunction that is affecting just some of their users.

Awaiting an official announcement from Binance across the news wires. BTC/USD is still seen to have much weight on its shoulders, seen down over 10% on Wednesday. The psychological $10,000 level has again been compromised.

BTC/USD daily chart

Author

Ken Chigbo

Independent Analyst

Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.

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