Binance Hacked? No and this is why..
Credit: Binance/Twitter
No it aint so.
Binance wasn't hacked,in fact only 31 accounts were affected/compromised during today's event.
According to Binance as well ,The hackers accumulated user account credentials over a longer period of time.
The earliest phishing attack seems to have dated back to earlier this year (Jan).
However it was around Feb 22, where a heavy concentration of phishing attacks were seen using unicode domains, looking very much like binance.com, with the only difference being 2 dots at the bottom of 2 characters.
Seems like many traders fell for these traps and phishing attempts.
After acquiring these user accounts, the hacker then simply created a trading API key for each account but took no further actions, until yesterday.
"Yesterday the hackers used the API keys, placed large market buys on the VIA/BTC market, pushing the price high, while 31 accounts sold VIA at the top. They selected VIA, a coin with smaller liquidity, to maximize their gains." Said Binance on their main page/Twitter account.
If anything this shows an excellent response to something that could have heavily damaged their reputation.
Kudos to the Binance management/security team.
Unfortunately,these 31 accounts being compromised ...did have a good part in today's BTC drop.
Their quick & steady response though did slow down any chance of negative rumor mongering but this type of event shows Crypto's hyper sensitivity to any type of negative news.
I mean honestly think about it... 31 accounts out of 5 million users?
This shows the razor's edge ,all of us walk on investing in this speculative market.
At least you know Binance is on top of their game as a crypto exchange.
Tell me what you think ...do you use trader bots?
Will you now?
Thanks for reading!
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STOPIt's really nice to see that Binance keeps on delivering and handles the hard situations in a professional matter.
Great post! Thank you! Upvoted!
Hi, great post, worth a follow.
Thanks!
I do appreciate it.
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Yes i still make use of a "bot". Actually it's a trading terminal. So all my exchanges will have the same interface. Don't have to look and remember all the buttons etc. Terminal I'm using is Leonardo.
My firm uses something similar on Wall St.
Hence why i asked ...im curious in many aspects of these trading terminals for crypto ('bots' for short)
Though here in the US it might not be as advantageous ...for individual investors (tax reasons)
But i'll be researching it further...possibly post a comparison in regards to differences in both trading terminals.
Thanks for the response.
Hehe so you're using trading terminals also? ;)
From which trading terminals you want to create a comparison?
What taxes in the US prevent individual users from using a terminal?
Gonna start following you so I won't mis this!
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great post and thanks for information @technicalwealth
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