Something’s going on with Binance! Ethereum (ETH), EOS, and IOTA (MIOTA) struggle as the news (un)settles.
Crypto users have taken to Reddit claiming that the exchange has sold their altcoins at market rate and they have nothing left now but their Bitcoin. Binance has responded that “We are investigating reports of some users having issues with their funds. Our team is aware and investigating the issue as we speak. Please remain patient and we will provide an update as quickly as possible.”
Although it still isn’t completely clear what is happening over there, Binance later issued a statement on Telegram that “There is no evidence of our exchange being compromised.” Users have now noted that the exchange has suspended withdrawals, presumably while it works out this issue. It has also indicated that there is no need for users to change their passwords, further suggesting that this isn’t a hack of the exchange but rather a technical issue.
Not all users are being affected, but some have indicated that their altcoins have all been traded for Viacoin (VIA).
With the investigations still ongoing, crypto holders appear to be getting nervous. Much of the market is down today, which could in part be due to the technical issues.
Ethereum, EOS, and IOTA all trade on Binance.
Ethereum is currently selling for $745.48, putting the coin down 10.04% in the past 24 hours.
There are likely other factors causing Ethereum’s decline, as Binance trading takes up less than 10% of ETH’s trading volume. The issue still stands, however, and whichever way you want to look at it, Ethereum is down.
EOS is currently trading at $6.51, putting the coin down 13.46% in the past 24 hours.
According to CoinMarketCap, Binance accounts for almost 10% of EOS’s trading volume.
Of the grouping, IOTA looks to have the greatest likelihood of the Binance affect, as nearly 20% of MIOTA’s trading volume is down on Binance.
Currently, IOTA is selling for $1.46, putting the coin down 14.82% in the past 24 hours.
IOTA experienced a sudden drop in price mere hours ago, which could indicate the issue with IOTA is currently stemming from the issues with Binance.
IOTA has also lost ranking over the past few days and has dropped out of the top ten cryptos because of it. IOTA is currently the 12th largest cryptocurrency.
Although Binance doesn’t collectively account for too much trading volume on any of these coins, the sudden drops all three experienced in the past several hours does indicate the problems going on with Binance may be contributing to Ethereum’s, EOS’s, and IOTA’s decline.
Binance has zeroed in on the issue now. It tweeted, “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.” Attached to the tweet was an article explaining how to do so.
Featured image: TNW