Binance Team Shows Why the Exchange Is Leading the Field Following Bitcoin ‘Hack’
Posting on the Binance website, the company has disclosed information on the recent theft attempts and also details how the exchange foiled them and preserved users’ investments. Amid several exchanges’ losses due to cybercrime, Binance has reaffirmed itself as a secure exchange and demonstrated at least one good reason why it has become the largest cryptocurrency exchange in the world, listing well over 200 coins for traders.
Starting with “Fellow Binancians,” the company demonstrated true transparency in its bulletin surrounding a recent phishing attempt that would have cost users a fortune in digital currency.
“On March 7, UTC 14:58-14:59, within this 2 minute period, the VIA/BTC market experienced abnormal trading activity. Our automatic risk management system was triggered, and all withdrawals were halted immediately,” disclosed the leading exchange.
Although the Binance hack generated rumors that some observers have cited as factors in Bitcoin and other values taking major dips, the post has unambiguously assured users of the exchange’s security protocols at play.
The attack was staged as a cleverly disguised phishing attempt. Not only was it challenging for users to detect, but it was also apparent from the nature of the effort that user credentials had been accumulated over an extended period. The post went on to state the only welcome summary:
“This was part of a large scale phishing and stealing attempt. So far: All funds are safe and no funds have been stolen.”
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