Binance Reveals Hack Information as Security Becomes a Public Concern

Binance exchange gets compromised 7000 BTC worth $40 million withdrawn by hackers

Binance hacked for 7,000 Bitcoin in “large scale security breach” - Decrypt

On May, 7, 2019, hackers had obtained a large number of user API (Application programming interface) keys, 2FA (2-factor authentication) codes, and potentially other info to steal 7,000 Bitcoins worth $41 Mn from Binance's hot wallet, which contained about 2% of the company's total Bitcoin holding. Please also understand that the hackers may still control certain user accounts and may use those to influence prices in the meantime. "But we believe with withdrawals disabled, there isn't much incentive for hackers to influence markets".

The hack may prompt Binance to push more users to Binance DEX, its recently launched decentralized exchange.

The CEO adds: "We must conduct a thorough security review". SAFU is a Binance fund which was launched to protect users of the exchange "in extreme cases" and is funded by 10 percent of all trading fees charged by the exchange.

Bitcoin Keeps Getting Hacked, So Is Cryptocurrency Safe At All?

Due to the continuing legal action against Bitfinex for purportedly mismanagement $900 million of Tether's money funds in an effort to "hide" its loss of $850 million, many predicted the Binance hack to add to the disbelief of investors in the cryptocurrency market.

Statistics from the Wall Street Journal reveal that roughly $1.7 billion in cryptocurrency has been stolen by hackers throughout the years. Besides this, around $400 million were lost by Coincheck, because of hacking, in 2018.

In the previous week, the bitcoin price has increase by about 13.5% in contrast to the US dollar, progressively rising upwards in spite of the vagueness about Tether, iFinex and Bitfinex.

Exchanges in Japan and South Korea accounted for 58 percent of the thefts a year ago, the research found. It gives criminals the assurance that they can never get caught because they can effectively cover their tracks at the end of a heist.

One trader mentioned that bitcoin is liable to continue its upward stream till it hits a prime resistance stage that is honest too spruce for the asset to tackle.

Peter van Valkenburgh of the public policy advocacy group Coin Center told Vox that the best way to get invested in bitcoin is to choose a large operation, pick one that's regulated by laws, and pay attention to best emergent practices that use cold storage and has insurance.

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