wow..well written article
Posts made by twinkle
A well written article on this news.
Alterations of Existing Crypto Regulations in South Korea; In order to facilitate the growth and maturity of the cryptocurrency market
Like how Binance, being the most secured crypto exchange got hacked
Binance is lying outright or by omission. Not ONE person has come out and demonstrated their account was one of the ones that was compromised. The hacker would have had to bypass email authentication, sign in, two-factor authentication, and API keys for enough accounts to get 7,000 bitcoin. There are no unusual trades during this period which would allow a hacker to trade bitcoin out of user wallets into their own within the exchange in order to bypass 2FA/email withdraws on some accounts. If it was really the case thousands of accounts were compromised at least one person would have come out publicly about their account. The way I see it there are three options.
this hack didn’t happen and its an excuse to lock withdraws
it was an inside job from Binance staff member(s)
the entire exchange has fatal bugs in the base code that were exploited.
It is highly suspicious that Binance initially claimed they were doing emergency maintenance, then admitted to being hacked and that they would recoup all losses out of pocket without taking the time to investigate this hack AT ALL. Why would they recoup losses out of pocket if it was the users fault? It is absolutely not a sustainable business practice and it is rife for abuse. Not to mention, the timing of this all occurring as Tether and Bitfinex are being indicted by the NY AG and a bank run is occurring on the Bitfinex exchange. Tether was shown to only be ~75% backed. Remember, Binance is/was the largest holder of tether, and just a day or two before the “hack” they moved ~740M through thousands of accounts/transactions. Now the Binance Tether coldwallet has only ~600M tether. Where did the other 140M go? The move was structured like a blend. Also, anecdotally, I am notcing a severe uptick in Binance astroturfing.