Bitcoin plunged as much as 7% Wednesday morning, bottoming out below $US10,000 for the first time in over a week, after rumours began to swirl on Twitter and Reddit that major cryptocurrency exchange Binance had been hacked.
“WTF is happening! Binance just sold all my alts at market rate and I have got just the Bitcoin now,” one Reddit user said. “Is it because of account getting hacked or binance bot issue?”
Other users said they had experienced a similar issue with their cryptocurrencies being sold for bitcoin.
A finance representative responded to the thread, saying “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.”
Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.