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This story centers around Viacoin:
https://coinmarketcap.com/currencies/viacoin/

On Wednesday afternoon Binance detected very unusual trading activity on their exchange in the form of a major price pump.

And when I say a major price pump, here is the chart:
https://twitter.com/CryptoTutor/status/971412221820620800

Price moves around a bit, everything looks normal and then boom, a green candle so big, it resizes the chart so you can’t even see any others.

Binance responded to this by halting withdrawals to prevent any bad actors taking money out.

According to an article from cryptovest…
https://cryptovest.com/news/binance-claims-hackers-lost-money-in-stealing-attempt-ont-trading-to-begin-soon/

The attackers had spent a couple of months tricking Binance users out of their login details.

Once the attackers had built up a big enough bank of users, they set their own Viacoin to sell at high prices, then sold all the altcoins those users held into Bitcoin, then did a huge buy on Viacoin.

Thus the attackers ended up with a whole bunch of Bitcoin.
They tried to withdraw it, but Binance had already closed the door. Busted.

https://twitter.com/cz_binance/status/971520303812698112 

Binance CEO then Tweets out saying they had reversed all the trades by the attackers, re-enabled withdrawals and that they would be donating the funds that belonged to the hackers to charity.

So when I run those sponsor slots where I invite you to sign up to Binance through my referral link, and people complain about how high the withdrawal fees are… I’d like to now point out that this is what you get for your money.

https://www.binance.com/fees.html 

In the free market, you get what you pay for. A company can charge more than their service is worth, but not for long.

Assuming there’s no monopoly, if a company remains the leader in the market, despite having high prices, you know they are putting those funds to good use.

I can guarantee you that the moment that cheap exchange you use gets hacked, those same people would be straight on Reddit bitching about how the exchange should have invested more money in security.

Money the exchange did not have because of their low prices.

I’ll end with this nice meme that someone posted on Reddit:
https://www.reddit.com/r/CryptoCurrency/comments/82vk3r/two_very_different_methods_of_handling_a_hack_of/ 

https://cryptovest.com/news/binance-claims-hackers-lost-money-in-stealing-attempt-ont-trading-to-begin-soon/

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