Changpeng Zhao Traps the Binance Hackers ter a Very first For a Crypto Exchange

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March 8, 11:30 am Five

March the 7th wasgoed one of the busiest day of the year ter crypto. More so ter an exchange that has taken this space by storm, rising from nothing to now the thickest.

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Inbetween 14:58-14:59 London time, “the VIA/BTC market experienced abnormal trading activity,” Binance said, before describing a sophisticated attempt to cause puinhoop.

Hackers had gathered numerous logging details through phishing by using webpagina names that can hardly be discerned spil different than the official webpagina:

That two dots Binance would cunningly redirect cryptonians to the official webpagina inbetween January and February. After, of course, it had gathered the logging details. So keeping it all subtle and unnoticeable.

Then, the hackers created trading APIs for each account and determined yesterday, when news wasgoed flying everywhere, to use those API keys and place a large number of market buys on VIA/BTC, enhancing Via’s price by some 1,000%, while 31 pre-deposited accounts were there selling VIA at the top.

It’s what happened next that might make a name for both Zhao and Binance spil a force to be reckoned with. Here, wij’ll let them speak:

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“Our automatic risk management system wasgoed triggered, and all withdrawals were halted immediately… Withdrawal requests were attempted from thesis accounts instantaneously afterwards… none of the withdrawals successfully went out.

Additionally, the VIA coins deposited by the hackers were also frozen. Not only did the hacker not steal any coins out, their own coins have also bot withheld.

After a thorough security check by Binance, wij resumed withdrawals.”

Zhao is somewhat well known within crypto circles. He wasgoed the third employee of Blockchain.informatie, then CTO at OKCoin. While previously he had coded high-frequency trading systems for Wall Street’s flash boys.

That makes Binance very swift, and after the events of yesterday wij’d think very secure, for hackers voorwaarde be thinking more than twice before attempting to hack another hacker.

3 comments

  1. I am glad to see the good news of Binance, and I can trade ter Binance again.

  2. Sochustvuyu people who did not have time to liquidate their orders. Many coins during this time have greatly risen ter price, albeit the Binance administration talent time to eliminate the orders for sale. The Exchange conducted planned technical work, there are no complaints …

  3. Did you have money on Binance? Were you alarmed or certain? I had a few grand on there, far more than usual… Super glad it turned out ok, but still let this be a reminder to mij and everyone else, storing coins on an exchange is more scary than on a secure private wallet.

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