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 still unclear how the hackers were able to gain access to Binance’s hot wallet. The exchange has said that it will conduct a “thorough security review” and will compensate users for any losses out of its own pockets.
In the meantime, it has moved all of its remaining Bitcoin to cold storage.
This is not the first time that Binance has been hacked. In May 2019, hackers used a variety of techniques, including phishing and viruses, to steal over $40 million worth of Bitcoin from the exchange.
NOTE: WARNING: Can Binance Get Hacked? Yes, it is possible for Binance to get hacked. It is important to take security precautions to protect your account. Make sure you use strong passwords and two-factor authentication, and never share your login information with anyone. Additionally, be sure to keep your funds in wallets that you control and not on any exchange.
At the time, Binance CEO Changpeng Zhao (CZ) promised to “become more transparent” in the wake of the hack.
It’s still not clear if Binance has learned from its past mistakes. The exchange did not immediately respond to a request for comment on this latest hack.
However, CZ did take to Twitter to say that “ funds are safe” and that “no user funds were stolen.” He also said that Binance will “provide a detailed update shortly.”.
While it’s good news that user funds were not stolen in this latest attack, it’s still troubling that Binance was hacked again so soon after its last major breach. This incident is likely to renew calls for greater regulation of cryptocurrency exchanges, which are currently largely unregulated.
It also highlights the risks associated with keeping large amounts of cryptocurrency on centralized exchanges.
So can Binance get hacked? Sadly, it seems like the answer is yes.
7 Related Question Answers Found
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.
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.
Binance is one of the most popular cryptocurrency exchanges in the world. But does Binance steal money? Binance has been accused of stealing money from its users on multiple occasions.
It is not uncommon for binance accounts to get blocked. There are a few reasons why this may happen. The first reason is if you violate the terms of use.
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 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.
