A few hours ago, the entire Bitcoin and cryptocurrency market was panicking with all the coins drastically falling down, due to hack on Binance. Everything just went haywire. The entire community was perplexed by whom or what to trust.
Binance just cleared all confusions reversing irregular trades and resumed trading amidst the hack confusions. March 7th will probably be unforgettable to the market enthusiasts as the 2 minutes period ransacked the entire cryptocurrency markets.
All withdrawals were halted as soon as the automatic risk management system was triggered. This is when the large-scale phishing and stealing attempt came to light.
Official Binance Statement
History and Overview:
The Hackers had accumulated a large number of user account details for a long time. A similar phishing attack occurred in early January and mid-February.
Within the 2 minutes period, as mentioned earlier, a large number of market buys on VIA/BTC market were placed pushing the prices high, while 31 pre-deposited accounts were selling VIA at the top.
An attempt to move BTC from the phished accounts to the 31 accounts was made with an immediate withdrawal request later on. Binance had already disabled all withdrawals through the automatic system which is why none of them went out successfully.
The transactions were resumed after multiple rounds of thorough security checking. Trading was not at all affected but they advised all traders to take special preventions and measures to secure their credentials before any transactions.
The Binance team earlier tweeted:
“Protecting our traders is and has always been our highest priority.”
Binance CEO, Changpeng Zhao tweeted as a response to this stating:
“Binance has reversed all irregular trades. All deposit, trading and withdrawal are resumed. Will write a more detailed account of what happened shortly. Interestingly, the hackers lost coins during this attempt. We will donate this to Binance Charity.”
Phishing attacks are on a rise. It is one of the simplest, oldest and the most difficult hack to eradicate. It is as simple as sending out emails and trap the users.
Changpeng Zhao also stated:
“We have localized the irregular trades, they will be reversed. All funds are safe, thanks to the fast alarm. Please learn to secure your accounts against phishing.”
CZ had previously shared some tips to safeguard and secure accounts which might come in handy to the traders now. They include:
- Use a unique Email address
- Keep them secretive
- Do not click links in emails
- Do not open any attachments
- Have an antivirus software
- Use Unique Passwords
- Keep it a secret and use a password manager
- Enable 2FA and use it on Binance
- Secure your phone, computer, email account
- WiFi is a major weak point
- Upgrade your system often
A blockchain startup investor comments:
“This is remarkable and amazing at the same time how binance & staff is dealing with these issues! What a time to be alive when we have at least one quality exchange that looks after it’s users. BIG THANKS and taking immediate action of this matter!”
Randy Huffin a day trader from New York says,
“This shows you how vulnerable the cryptocurrency market is, it also shows you how we have advanced in the field of security. Binance did a good job in securing the money. It could have happened to anybody and I’m sure there are exchanges in the world which are vulnerable right now. Trade safe, take extra precautions!”
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