My take re: $SYS pump on Binance
1. Many Binance users were using a 3rd party trading bot w/ API access.
2. Bot was compromised.
3. Malicious actor set high SYS sell orders, then used compromised accounts to pump SYS price into them.
4. Same method used w/ $VIA in March.
1. Many Binance users were using a 3rd party trading bot w/ API access.
2. Bot was compromised.
3. Malicious actor set high SYS sell orders, then used compromised accounts to pump SYS price into them.
4. Same method used w/ $VIA in March.
So most likely neither binance or $SYS were hacked. It was the 3rd party trading bot, which was either an inside job or was compromised. My guess is inside job.
This is a risk users take when they trust a trading bot & its operator with access to their exchange funds/account.
This is a risk users take when they trust a trading bot & its operator with access to their exchange funds/account.
Looks like binance is going to rollback the trades made with the compromised trading bot. They don't have to do this in my opinion, fault lies on the user. Binance & CZ should be applauded here on their user friendly response.
support.binance.com/hc/en-us/artic…
support.binance.com/hc/en-us/artic…
~7000 bitcoin were withdrawn from binance following the pump. Not clear if that was related to the trading bot compromise, since could have been an unrelated withdrawal. Either way, that's a negligible amount that binance should be able to easily cover. oxt.me/address/1ACvw9…
