Binance, one of the world’s largest cryptocurrency exchanges, announced in a blog post on Tuesday that it had been the victim of a “large scale security breach” in which hackers stole 7,000 bitcoin (about $40 million at current prices). The exchange said it had detected unusual activity on its server on Tuesday and immediately halted withdrawals.
Binance, which is based in Malta but has offices in Hong Kong and Taiwan, is one of the most popular cryptocurrency exchanges with more than 10 million users. It allows users to trade dozens of digital currencies, including bitcoin, ethereum, and litecoin.
The hack is a setback for the burgeoning cryptocurrency industry, which has been trying to gain legitimacy in the mainstream financial world. Cryptocurrency exchanges have been plagued by hacks and scams in recent years.
In January 2018, Japanese exchange Coincheck was hacked and lost $534 million worth of digital currency. In June 2018, South Korean exchange Bithumb was hacked and lost $30 million worth of digital currency.
And in July 2018, Canadian exchange QuadrigaCX filed for bankruptcy after its founder died with the only password to $145 million worth of bitcoin.
NOTE: WARNING: You should always be cautious when asking or answering questions about security keys related to Binance. It is extremely important that you do not share any confidential information related to your account, such as security keys, passwords, or other sensitive information. If you are unsure about the legitimacy of the request or answer, it is best to contact Binance directly for verification.
The Binance hack is the latest reminder that investors in cryptocurrency should be prepared to lose all of their money. Cryptocurrencies are not regulated by governments and are prone to extreme volatility.
Despite the hack, Binance said it would compensate users for any losses with its “Secure Asset Fund for Users” (SAFU), which “takes 10% of all trading fees collected by Binance every quarter and puts it into a separate cold wallet.” The fund currently has about $1 billion worth of digital currency.
Binance CEO Changpeng Zhao said in a tweet on Tuesday that the hackers had stolen “funds from our hot wallet only” and that all user funds were safe. He also said that Binance would “reverse all irregular trades that might have occurred” and would “make up” for any losses with its SAFU fund.
The hack is a major setback for Binance and the cryptocurrency industry as a whole. It remains to be seen how Binance will recover from this attack and if users will lose faith in the exchange.
For now, it seems that Binance is taking the necessary steps to ensure that its users are compensated for their losses.
9 Related Question Answers Found
Binance, one of the world’s largest cryptocurrency exchanges, does not have a built-in crypto wallet. However, it has partnered with Trust Wallet to offer a mobile wallet for its users. Trust Wallet is a secure and user-friendly mobile wallet that supports over 20,000 different cryptocurrencies.
Binance is a cryptocurrency exchange that was founded in 2017. It is one of the most popular exchanges in the world and is frequently used by traders to buy and sell cryptocurrencies. Binance does not have a cash wallet, but it does have a number of other features that make it an attractive option for traders.
Binance, one of the world’s largest cryptocurrency exchanges, does have a wallet address. This is because Binance is built on the Ethereum network, which uses addresses to send and receive ETH and other ERC20 tokens. The Binance wallet address can be found in the “Deposit” section of the Binance website.
Binance is a cryptocurrency exchange that provides a platform for trading various cryptocurrencies. As of January 2018, Binance was the largest cryptocurrency exchange in the world in terms of trading volume. Binance has its own cryptocurrency, called the Binance Coin (BNB).
Binance is a cryptocurrency exchange that provides a platform for trading various cryptocurrencies. As of January 2018, Binance was the largest cryptocurrency exchange in the world in terms of trading volume. Binance does not have its own wallet service.
Binance, one of the world’s largest cryptocurrency exchanges, does not currently offer a wallet service. This may come as a surprise to some, as most major exchanges do offer a wallet service. However, there are a few reasons why Binance has chosen not to offer a wallet service.
Binance, one of the world’s largest cryptocurrency exchanges, does have a built-in wallet. This is good news for those looking for extra security for their digital assets. The Binance wallet is available for both iOS and Android devices.
Binance, one of the world’s largest cryptocurrency exchanges, does not have an online wallet for storing cryptocurrencies. This may come as a surprise to some, since Binance is one of the most popular exchanges. However, there are a few reasons why Binance does not have an online wallet.
Binance, one of the world’s largest cryptocurrency exchanges, does have leveraged tokens. These tokens allow users to trade with leverage, which can magnify both profits and losses. Leveraged tokens are risky and are not suitable for all investors.
