Crypto-market around the world registered abrupt dip on Wednesday. Bitcoin too registered about 7% fall along with all other major cryptocurrencies. So what actually happened? It all started on Wednesday morning when rumours began circulating on Reddit that the most popular cryptocurrency exchange in the world (in terms of volume), Binance has been hacked. In a post by Reddit user shashankkgg titled “Binance sold all my Alt coins at market rate”. He went on further with the following statement: “Binance just sold all my alts at market rate and I have got just the Bitcoin now. Is it because of account getting hacked or binance bot issue? Have raised a ticket 715903 for this.” In a quick follow-up statement, Binance announced that they had already started the investigation about the reports of some users having issues in accessing their funds. Bitcoin also informed that only confirmed victims have registered API keys and there is no evidence that Binance is compromised. In a later follow-up, Binance announced that all withdrawals have been temporarily suspended at this time. Binance also clarified that the issues stem from a third-party tool. However, a wide number of users disputed the claims made by Binance regarding the APIs. And this led to widespread fear among the Binance users around the world which was reflected in a steep dip of all major cryptocurrencies’ value. Later in the day, Binance resumed normal functioning allowing users to withdraw and providing market back with the stability.