Binance, the world’s largest cryptocurrency exchange by traded value, can’t be hacked, its founder and CEO Changpeng Zhao said on Thursday.
Asked during a live video AMA (ask me anything) on Periscope if Binance could ever be hacked, Zhao said “no,” before adding that “people make mistakes.”
A hack is “theoretically possible, but highly unlikely,” he said.
Binance has been known for its security measures since it was founded in 2017. It implemented a “security-first” philosophy from the start, according to Zhao, and has never been hacked.
NOTE: WARNING: Binance is a secure platform, however, it is still possible for hackers to breach its security. Therefore, it is important to take measures to protect your account. Be sure to use strong passwords, enable two-factor authentication, and never share your login information with anyone. Additionally, never leave your funds unattended on the exchange and always withdraw them to a secure wallet when not trading.
In May 2019, Binance suffered a “large scale security breach” in which hackers stole 7,000 bitcoin (worth about $40 million at the time) from the exchange.
Binance quickly reimbursed all of its users from its own funds and has since beefed up its security even further. The exchange now has a “dedicated security team” of over 200 people, Zhao said.
The bottom line is that Binance cannot be hacked. The exchange has taken numerous steps to ensure the safety of its users’ funds and personal information, and it has a proven track record.
While it’s possible that a hacker could find a way to break into Binance’s systems, it’s highly unlikely.
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Binance, the world’s largest cryptocurrency exchange by trading volume, can’t seem to catch a break. The latest bad news for the company is that hackers were able to steal over 7,000 Bitcoin (worth around $40 million at press time) from its hot wallet. This is the second time in less than two years that Binance has been hacked, and it’s sure to renew concerns about the safety of centralized exchanges.
It’s no secret that cryptocurrency exchanges have been hacked in the past. In fact, it seems like hardly a week goes by without another exchange being hit. So, the question on everyone’s mind is: can my Binance account be hacked?
Binance, one of the world’s largest cryptocurrency exchanges by trading volume, has been hacked. The exchange has confirmed that hackers stole 7,000 Bitcoin (BTC) from its hot wallet. The hack was first reported by The Block, which cited “a person familiar with the matter” as saying that the hackers had used a variety of techniques, including phishing and viruses, to steal the funds.
Binance, one of the world’s largest cryptocurrency exchanges by trading volume, has been hacked. The hack occurred on May 7, 2019, and resulted in the loss of 7,000 Bitcoin, worth approximately $40 million at the time. This is not the first time that Binance has been hacked; in March 2018, hackers stole $30 million worth of Bitcoin from the exchange.
As one of the world’s largest cryptocurrency exchanges, Binance is no stranger to controversy. But can the exchange be hacked? The short answer is: yes.
Binance, one of the world’s largest cryptocurrency exchanges by trading volume, has been hacked. The exchange announced the news on Tuesday, saying that hackers had stolen 7,000 bitcoins worth about $40 million. The hack is a major setback for Binance, which has grown rapidly since it was founded in 2017 and is now one of the most popular cryptocurrency exchanges.
Binance, one of the world’s largest cryptocurrency exchanges by trading volume, has been hacked. The hack occurred on May 7, 2019, and resulted in the theft of 7,000 BTC (worth approximately $40 million at the time). This is the second time that Binance has been hacked, with the first occurring in July 2018.
It’s been a tough week for cryptocurrency exchanges. First, it was reported that Binance, one of the largest and most popular exchanges, had been hacked. Then, just a few days later, it was revealed that another major exchange, OKEx, had also been hacked.
Binance, the world’s largest cryptocurrency exchange by trading volume, has been hacked. The hack occurred on May 7, 2019 and resulted in the loss of 7,000 BTC, worth approximately $40 million at the time of writing. This is equivalent to 0.
1% of Binance’s total BTC holdings.
It’s been a tough week for cryptocurrency exchanges. First, OKEx suspended withdrawals, then KuCoin’s hot wallet was hacked, and now Binance. US is facing some serious allegations.
