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Binance – Hack fund stolen from Binance has been moved

Binance – Hack fund stolen from Binance has been moved

July 11, 2019 6:56 am,

Security breaches and hackers invading the privacy of the user interface has been the biggest menace that the cryptocurrency realm faces these days. One of the biggest security breaches that the world witnessed was that of Binance, which lost almost a staggering amount of 41 million USD. But Binance had dealt with the issue with utmost grace and did not let the event dictate the functioning of the exchange website. But the authorities have made it known to the users that some accounts may still be under the control of the hackers, so certain precautions must be taken. The incident was able to make a big ripple in the digital realm and still echoes throughout the cryptocurrency exchange site. Binance was one of the victims of a security breach where hackers stole nearly 7000 Bitcoins from Binance

Binance

Binance can be understood as one of the most complex yet highly used global cryptocurrency exchange. It is a gateway for a trade of over 100 different types of cryptocurrencies. It also comprises of Binance Info, Binance Labs and so on, making it a multi-level blockchain company. The firm was founded by Changpeng Zhao in the year 2017. Even though it has only been 2 years since its inception, the organization was able to reach such heights and gain such popularity. This is one of the very impressive peculiarities of the digital currency and cryptocurrency realm. The firm even has its very own cryptocurrency known as the Binance coin (BNB). It has a market capitalization value of 1.3 billion USD. 

Security Breach

The most unfortunate event that hit Binance hard was the huge security breach that took place on the 7th of May, 2019. The firm was a victim to one of the biggest security breaches ever, where the hackers stole almost 7000 Bitcoins, which valued up to 40 million USD. This event shook the cryptocurrency industry as a whole since it posed a threat to the security of transactions and investments made through various exchange sites. Ever since then, there has been a fall in the number of people who opted for cryptocurrency as a mode of exchange or investment. The blotch is slowly being removed and everyone in the digital realm is making efforts to bring back the lost glory.

News on the stolen fund

Even though the security system of Binance was updated and corrected, the stolen amount was not recovered. There was no news as to what happened to the fund or where it has been stored. This did create a sense of insecurity among the users and the authorities concerned. As an answer to the concerns raised, there has been a whale alert stating that there has been a transaction between two hacked wallets which used the money from the Binance hack as the mode of exchange. This has given hope to the firm as it has been given an opportunity and a lead to find the lost money.