One Day After Binance Woes, Poloniex ‎Hacking Rumors Spook Cryptocurrency Markets

March 12, 2018

Cryptocurrency markets were spooked today after a routine wallet maintenance at ‎US-based cryptocurrency exchange Poloniex has sparked fears of a hack, yet ‎the company has assured people ‎that it was just a scheduled process.‎

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The rumours, however, seem to lack any concrete evidence and ‎‎thus far no trades or accounts have been reported as affected by users of the exchange. Yet, it is not ‎‎uncommon for crypto exchanges to be targeted by hackers and a ‎‎failed hacking attempt is always a possibility as well.‎

Poloniex tweeted on Thursday late afternoon that there could be delays in ‎‎deposits and withdrawals due to maintenance work. The delays, however, were ‎‎extended when the maintenance took longer than usual. The upgrades began ‎‎around 12.30 p.m. ET but has extended without further notices until now.

The rumours were spreading among crypto-market participants as Binance, ‎‎one of the world’s biggest cryptocurrency exchanges, suffered an outage on Wednesday. Some crypto traders have floated a theory that all Binance ‎‎altcoins were dumped at the same time as a result of a widespread API-related ‎‎attack. The users who used API keys to trade with bots found their accounts ‎‎automatically buying the VIA coin.‎

The recent problems of major Bitcoin exchanges have sparked a mix of ‎‎criticism, concern and sympathy from users.‎

In January, Poloniex disclosed that some of its ‎‎customer balances have been inaccurately recorded. ‎The exchange ‎temporarily ceased forced liquidations and announced ‎that the balances will be ‎corrected.

In addition, the digital asset trading service warned last week against an impostor Poloniex app in ‎the Google Play ‎Store. “Do not use this; it may be malicious. There is no official ‎Poloniex app,” it said.‎

Poloniex was recently the subject of news blasts after the Goldman Sachs-backed Circle acquired the cryptocurrency exchange in a deal reportedly worth $400 million

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