Bitcoin is plummeting as rumours of a cryptocurrency exchange hack swirl
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Bitcoin plunged as much as 7 per cent overnight, 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.
The price of bitcoin fell to $US9468 overnight before recovering to $9766 at 6.30am AEDT.
“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.”