Is Binance a “honey pot for hackers”?

$40 Million of Bitcoin was hacked from the world’s largest cryptocurrency exchange, Binance. Industry leaders react to this recent recent hacking which rocked the crypto world.   Tara Annison, Technical Product Manager of the PR9 Network, a real-time institutional trading and settlement platform for blockchain-based assets held in cold storage, commented: Binance is arguably one of the biggest honey pots for hackers, having an abundance of alt coins which are easier to liquidate, plenty of trading volume, and lots of retail users who could fall foul of social engineering attempts.…

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$40 Million Bitcoin hack at Binance

In breaking news it has been reported that $40 Million of Bitcoin was hacked from the worlds largest cryptocurrency exchange, Binance.     As reported by CNN – Binance announced that it discovered a “large scale security breach” Tuesday. It said hackers stole 7,000 bitcoins in one transaction. One bitcoin trades at nearly $6,000.”The hackers used a variety of techniques, including phishing, viruses and other attacks,” CEO Changpeng Zhao wrote in the statement. He said the company continues to investigate the breach.   Full story: – https://edition.cnn.com/2019/05/08/tech/bitcoin-binance-hack/index.html Is Binance a…

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Crypto Lawyer: Binance hack reveals imminent system-wide Bitcoin failure

  Diego Garcia, British Indian Ocean Territory (BIOT): “White Hat” crypto lawyer Dr. Jonathan Levy predicts the recent Binance exchange disruption is a symptom of a larger imminent system-wide failure in the integrity of the Bitcoin blockchain.     According to Dr. Levy, the situation is critical because crypto exchanges have for years been routinely accepting deposits from professional crypto laundering outfits like Bitblender.io while providing no relief to the victims of crypto hacks, extortion, and ransomware. According to Dr. Levy: “The Bitcoin blockchain is being misused by cybercriminals to…

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Binance sets Hacker Bounty at $250,000 USD

On 7 March 2018, users on the Binance cryptocurrency exchange noticed irregular behavior.     Binance was alerted and managed to reverse the transactions, however, it is vital they understand just how hackers could have sidestepped their security and also, the Binance Two-Factor authentication system.  See more Reddit comments here     In response to the hack, Binace issued the following statement”   “To ensure a safe crypto community, we can’t simply play defense. We need to actively prevent any instances of hacking before they occur, as well as follow through…

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Bitcoin in freefall after Binance hack

Bitcoin prices plunged today on speculation that major crypto exchange Binance has been hacked.     The exchange has denied being attacked but several users reported that their altcoin holdings were liquidated unexpectedly and without consent. There is speculation that Binance’s trading bot was at the heart of the issue, while others believe hackers may have orchestrated an attack on the Bitcoin exchange… Binance has halted trading and withdrawals. Full Story: – HACKED     Exchange hacks have plagued Bitcoin since inception, remember the Mt. Gox hack?   This constant…

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Chaos and Confusion as Binance goes down and suspends withdrawals

Various news sites, including the Financial Times, reported that cryptocurrency exchange, Binance are down and has suspended withdrawals.     According to the Merkle, Binance, one of the world’s largest cryptocurrency exchanges which is said to be the fastest growing startup in history, has been offline for several hours.   Quoting the company “Due to a significant increase in users and trading activity, Binance will need to extend the System upgrade and is expected to be completed by 2PM (UTC),” the Binance team stated, noting that trading will remain disabled…

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