📢Binance hack? No panic! The most important info for the moment🔻

A hacker or a group of hackers compromised the trading bot used by the majority of people on Binance. Numerous concerned users complained that their altcoins had been converted into Bitcoin without their permission, many of them not even logged into their accounts. According to several posts on Reddit, their bitcoins were used to buy VIA coins for 0.025 BTC each.

Following market panic led to significant price declines for major cryptocurrencies. Bitcoin dropped 9.26% to US$9,860 in the past 24 hours.

After the compromise was detected, withdrawals and trading on Binance were halted, which means the hacker(s) would not be able to take assets out from the exchange. But the scare has caused major price declines, and that in turn could create real returns for investors shorting cryptocurrencies.

However, the exchange said its platform was not breached. Zhao Changpeng, CEO of Binance, said on Twitter that the exchange had experienced ‎irregularities in trading activity and some accounts may have been ‎compromised by phishing. Binance emphasizes that all funds are safe at this point for its users.

Meanwhile, Bitcoin has recovered from its intraday low of less than $9,500 to about $9,773 as of press time, and prices appear to have stabilized.

Binance hack: conclusion. Some security tips for not to become a victim of the next hack🔻

Binance has denied that it was hacked after an extensive halt of trading and customer ‎withdrawals of funds. Well, yes, maybe the exchange itself wasn't hacked - but users were.

Some crypto traders have floated a bit different theory that all Binance altcoins dumped at the same time as a result of a widespread API-related attack. The users who used API keys to trade with bots have found their accounts automatically buying the VIA coin.

So, for your safety, we recommend you to always enable two-factor authentication for logging in.

Also, use your smartphone wisely. It might be a good idea to get a separate mobile phone exclusively for trading. Do not conduct transactions from a smartphone with many apps. By hacking one of these apps, cyber crooks could obtain sufficient privileges to access your private data.

And the main rule: do not keep your cryptocurrency on exchanges when you aren’t actively trading. exclamation:You are much better off storing your own digital cash in cold storage.

Have a safe trading!

#CryptoNerdNews