The largest transaction-by-transaction encryption exchange, Binance, was hacked this morning on March 7th.

Reddit and Twitter, and started complaining that their altcoins had been converted to Bitcoin without their permission, many of them are not even connected to their accounts.

"Even though it happened I had 100% USDT worth $ 1548. Today, I logged in to buy xrp, but the balance of my account is $ 200 on $ 1,548, and apparently I bought 5 pieces VIA and I exchanged my USDT against BTC while I was in the gym. ".

According to several articles on Reddit, their bitcoins were used to buy VIA coins for 0.025 BTC each. After receiving the bitcoins, the attackers managed to remove them in small amounts without attracting attention. It took almost an hour to the administration of Binance to freeze withdrawals after receiving the first complaints, said the user of Reddit Profetu

"The pirate accumulated VIA in advance (from Binance or other exchange sent to Binance) he established a huge sell order at 0.025BTC Then, using the API made some accounts sell alts and buy VIA with this BTC, [and then withdrew] BTC. " The user suggested.

Some marketers have proposed a theory linking the attack with compromised API keys asked Binance to use it in applications like commercial bots and card monitoring services.

"Do you use commercial bots as profittrailer or gunbot? Do you have an open API for any kind of service?" Bonnie_channel asked.

This theory could explain how the attackers managed to bypass the two-factor authentication applied by the users. However, this does not explain why users who have never requested API key have also been affected by the attack.

"That's what I wonder! I have never allowed the creation of this API key. That's why I think it's a problem in the end [Binance’s] " the user of Reddit wrote shashankkgg.

Binance posted a tweet saying that all irregular transactions have been reversed, and deposits, exchanges and withdrawals are now fully operational.

Binance reversed all the irregular trades. All deposits, negotiations and withdrawals are resumed. write a more detailed account of what happened shortly. Interestingly, the hackers lost coins during this attempt. We will donate to Binance Charity – CZ (do not give encryption) (@cz_binance) March 7, 2018

According to Binance's CEO, Changpeng Zhao, the hackers used a site of Phishing to connect. data and redirect users to the original Binance website.