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Binance saves itself

Binance saves itself

March 13, 2018 7:10 am,

We have all known that the world has always been advancing at a high rate. The technologies get upgraded almost every day, something or the other comes up and we get excited. Bitcoins and crypto currencies have been in the top news since 2017, it has increased by almost 300% and it amazes us by how we are able to adapt to this. Crypto currency comes with the biggest scare of security and safety. As it is all virtual, we have a gut feeling that it may be hacked one day or the other.

Same way, the world renown cryptocurrency exchange called Binance protected itself from hackers. This shows the state of mind of the people handling and managing the exchange. It happened on the China based exchange platform. In a span of a few minutes, the genius ITians were able to detect the discrepancy and hackled all the openings which led to the ‘almost hacking’. The potential of hacking related cyber attacks started from January as these hackers started a phishing scheme. Phishing is the fraudulent practice of sending emails which are to be from reputable companies in order to coerce individuals (or in this case the companies) to let go of their personal and confidential information.

These hackers created a same to the same photocopy of a website where the user would login with their personal information and the phishing site would redirect the users to the Original site. The virtual cyber criminals are on their toes, all ready to create a ruckus and chaos to manipulate the markets. But this is where all the years’ worth of education comes in, the tech-savvy ITians of Binance were faster and all ready to deal with the threats created and sent by the hackers. The hackers were caught off guard.

Binance has a strong risk management system which activated freezing the currency. They ran into investigation all at once it the analysis produced evidence for manipulation. The ‘red handed’ hackers got their accounts frozen and left with zero money and loss of their own money in this hideous action. It was found out that this group of hackers were a huge organization but little did they know that they were hacking into their own God’s account.