Bitmain (Chinese crypto mining giant), filed a lawsuit on 7th November in Seattle with the U.S district court for the Western District of Washington, against unknown hacker that stole $5.5 million from Bitmain’s Binance account back in April.
Court documents revealed that, the anonymous hacker referred to as “John Doe” successfully took over the Bitmain’s Binance account and manipulated Decentraland’s (MANA) market price using stolen Bitcoin. Decentraland is the first virtual reality platform owned by its users.
From Binance’s account, John Doe made a lot of purchases of MANA and several other digital assets far higher than the market price, and simultaneously he placed a sell order for MANA offering, with a personal wallet, to trade MANA for BTC at the inflated price.
After repeating this fraudulent process multiple times, the assets’ underlying value was then finally transferred as Bitcoin to the wallet of John Doe on Bittrex (another cryptocurrency exchange).
MANA, in April experienced a massive bull run, and by 3rd of May had increased by almost 300%, before falling back in the following months with the rest of the market. Currently, MANA is ranked the 63rd largest coin in the AltDex 100 Index (ALT100): A standard index for large-cap cryptocurrencies and tokens.