A post published moments ago from Binance‘s Chief Executive Zhao Changpeng has confirmed that the world’s largest cryptocurrency exchange is the latest victim of cryptocurrency theft. Hackers stole a total of 7,000 Bitcoin using several sophisticated techniques, including viruses and phishing.
However, the company was quick to keep its users calm, confirming that no user would lose any of their funds. The company will use its secure asset fund to replace the stolen Bitcoin.
Nevertheless, news of the latest cryptocurrency exchange hacking dipped the price of the currency by 4.2%. However, following the confirmation that Binance would cover the losses, the price regained some of its previous losses.
The company’s Chief Executive also advised that other exchanges, including Coinbase, have already taken steps to block deposits made from addresses linked to the hackers. This is the latest of a series of attacks which many of the prominent exchanges have suffered over the years.
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Binance CEO, Chang Zhao has put a lawsuit into motion against, Sequoia Capital, a venture capital firm, after the company brought an injunction against him for breaching an exclusivity agreement. The case against him was dismissed after being found to have been “improperly obtained”. However, CZ, as he is known in the industry, is claiming […]
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Two UK financial bodies have revealed that Britons lost a staggering £27million in scams involving cryptocurrency and Forex exchanges over the course of 2018/2019. The figure was uncovered by The Financial Conduct Authority (FCA), a UK financial watchdog, and, Action Fraud, a centre for scams and cybercrime. They revealed that most of the crime was […]