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.
Binance is not the only cryptocurrency exchange to have been hacked; in fact, it is one of many. Below is a list of some of the most notable hacks in the cryptocurrency space:
• Mt. Gox: In 2014, Japanese cryptocurrency exchange Mt. Gox was hacked and 850,000 Bitcoin were stolen, worth approximately $473 million at the time.
This hack ultimately led to the demise of Mt. Gox.
NOTE: WARNING: Binance is a legitimate online cryptocurrency trading platform, however, no online service is ever completely safe from potential hacking attempts. Therefore, it is important to take precautions and use the security measures available on Binance to help protect your account. This includes enabling two-factor authentication and avoiding using public WiFi networks when accessing the Binance platform.
• Bitfinex: In 2016, Hong Kong-based cryptocurrency exchange Bitfinex was hacked and 120,000 Bitcoin were stolen, worth approximately $72 million at the time.
• Coincheck: In 2018, Japanese cryptocurrency exchange Coincheck was hacked and 523 million NEM were stolen, worth approximately $534 million at the time.
• Zaif: In 2018, Japanese cryptocurrency exchange Zaif was hacked and 60 million Japanese Yen were stolen, worth approximately $564 thousand at the time.
It is clear that cryptocurrency exchanges are prime Targets for hackers due to the large amounts of money that are often stored on them. Binance CEO Changpeng Zhao has stated that the hack will “significantly impact” the company and that they will “need some time to recover”.
He also said that Binance will “make up” for the lost Bitcoin to its users from its own reserves.
While it is certainly possible for Binance to make up for the lost Bitcoin from its own reserves, this does not change the fact that hacks such as these are a major problem for cryptocurrency exchanges. Until these exchanges can find a way to better protect themselves from hacks, they will continue to be prime Targets for criminals looking to steal large amounts of money.
5 Related Question Answers Found
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 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.
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 US, the American arm of the world’s largest cryptocurrency exchange, is now live. The launch follows a lengthy testing period and comes as the United States tightens its regulations on cryptocurrency trading. Binance US is a digital asset marketplace, providing advanced financial services to traders in the United States.
Binance, the world’s largest cryptocurrency exchange by trading volume, has been in the news a lot lately. The Malta-based company has been making headlines for its rapid growth, innovative technology, and strong community. One of the most popular features of Binance is its native wallet, which allows users to store, send, and receive a variety of cryptocurrencies.
