Last week, a sudden collapse in the price of Bitcoin was not noticed by many of the crypto-community.
The crash took place on the CAD / BTC pair as the price of Bitcoin fell 99% to its real price of $ 8000 before returning to its $ 8,000 trading price.
The crackdown and price crashing of Bitcoin in the Kraken platform was briefly orchestrated by a hacker who exploited, hack an account and sell a large quantity of Bitcoin at the market price. He got 1,155 BTC at $ 100, leaving the house clean from theft and suspicion.
As we know Bitcoin and other cryptocurrencies are based on the technology of anti-piracy and anti-hacking with full encrypted informations.
As it is difficult for the hacker to steal the Bitcoin units without repudiating the traceability and censorship of the encryption community, which makes the stolen coins frozen and not dealt with by anyone.
So some hackers are trying to keep track of what they have in their wallets of Bitcoin through extensive trading before it’s disbursed, which is what the Kraken platform hacker did recently.
This Kraken hacker is a genius:
1. Gets access to account with wallet containing 1200 BTC
2. Can't withdraw so he dumps price to $100 on BTC/CAD pair
3. Gets filled for 1155 BTC at $100
— Bitcoin Macro (@BTC_Macro) June 2, 2019
According to speculation about this incident, this hacker was able to penetrate one of the individual accounts, which contains the calculation of 1,200 BTC.
But he did not immediately withdraw it for his knowledge of the suspicions that would be made about the wallet address and that the process might be frozen by the Kraken platform.
Instead of that, he opens a second account and apply for a CAD / BTC pair for $ 100 per BTC unit.
He was able to collect this already, where he got 1155 BTC at $ 100 per unit.
With the loss of 45 BTC for this market trade, but a small amount compared to what was paid ($ 8.9 million at the price of the current Bitcoin).
Please note, that is note a bit of financial advice nor the WhaleToBe team’s view