Home News Binance users suddenly found their altcoins converted to bitcoins

Binance users suddenly found their altcoins converted to bitcoins

Popular cryptocurrency exchange platform Binance has been deluged by complaints from its users stating that the exchange desk has suddenly begun converting their altcoins to bitcoins without their consent. The trouble has allegedly begun yesterday and is still far from being solved by Binance team.

“WTF is happening. Binance just sold all my [altcoins] at market rate,” – one of Binance users wrote on Reddit, adding that all his altcoin savings were now converted to bitcoins.

“It is true. It happened to my account. All my [altcoins] were sold and all I have is Bitcoin now,” – another user confirmed.

Despite that, there were no signs of the user’s accounts being compromised, as reported by the owners of the affected accounts themselves.

“Our team is aware and investigating the issue as we speak. Please remain patient and we will provide an update as quickly as possible,” – a member of Binance’s technical support team wrote in response.

Later, the support team assured the users that there is no need in changing their passwords, as the reason for the trouble lies in a technical malfunction, not cyberattack. According to the information available at the moment, hours prior to the emergence of the problem, Binance suffered from server downtime in the UK and several other areas.

Binance has posted the following statement on Reddit:

“We are investigating reports of some users having issues with their funds. Our team is aware and investigating the issue as we speak.
As of this moment, the only confirmed victims have registered API keys (to use with trading bots or otherwise). There is no evidence of the Binance platform being compromised.
Please remain patient and we will provide an update as quickly as possible.
Withdrawals are temporarily disabled at this time”.

This was followed by the support team’s suggestion that only the owners of registered API keys for trading bot applications were actually affected by the issue. The latter statement has triggered an avalanche of controversial comments from the users, however, as some of the victims to the issue has been keeping on insisting that they never used Binance API but still had their coins converted.

At the moment, Binance CEO Changpeng Zhao has already assured users that all funds are safe, confirming the exchange desk is experiencing “irregularities in trading activity”:

This is not the first case with Binance halting trading activity. Last time this happened in February, when the exchange abruptly ceased all operations for maintenance without any preliminary notice.

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