The cryptocurrency market is always growing. Each year, we’ve seen the value increase from a few million to over $300Bn. It’s evident that the crypto market has gained a lot of support from investors and enthusiasts despite the growing fear that government regulation will impede its growth.
However, there are occasions when large exchanges come under attack. During these situations, the exchange can either continue to operate and ignore the issue, or devote time, resources, and advertising to find the hackers and protect the integrity of their trading platform. Fortunately, Binance chose the latter option,
What is Binance?
Binance is one of the largest cryptocurrency exchanges that allows users to buy different cryptocurrency pairs with ease. The name “Binance” is a combination of back and paired.
Binance is one of the largest cryptocurrency exchange that has over $6 billion in assets that’s traded within a 24 hour period. Binance’s growth was quick and rather unexpected. Since its 2017 launch, Binance grew in value within 6 months.
The exchange has over 3 million users that sign up to use the exchange. Binance also has its own native currency called BNB which is used and traded on Binance’s exchange. Ever since its ICO in July 2017, BNB’s value has increased significantly. Binance Coin is ranked 25 out of the most valuable 30 cryptocurrencies according to Coin Market Cap.
What makes Binance so intriguing? Why are so many people lining up to use this exchange? Binance uses its own coin to help users complete trades faster than any other exchange. While you can conduct trades without it, Binance Coin takes only milliseconds to complete the trade. As a result, we can see that Binance is one of the new cryptocurrency exchanges that have contributed to making the crypto market bullish and easier for users to
Binance’s Recent Hack
Recently, Binance has set aside $10 million in their crypto reserves for its users to find hackers. This strategy occurred because of a hacking attempt that failed on March 7. Basically, a phishing scam allowed hackers to steal millions of dollars from their network.
For the hack alone, Binance promises a $250,000 bounty for anyone that gives them information that leads to the capture and arrest of the hackers involved in the scam. Also, Binance stated that the funds in their exchange are safe after the hack attempt.
“To make a safe crypto community, we can’t be passive. We have to be active and stop any instance of hacking before they start, and follow through afterward” Binance stated in one of their recent blog posts.
Binance’s plans on giving $250,000 of its own Binance Coin (BNB) as a bounty, which is now worth $7.91, according to Coin Market Cap. In fact, you can anonymously give information if your local region laws allow it. If there are multiple sources provide information, they’ll receive a divided portion of the bounty. If you have any information, email them at email@example.com.
While Binance has recovered from the attack, the exchange has not stopped in their search for the hackers who almost destroyed their platform. Also, they invited other crypto businesses and exchanges to join the initiative. Thus, we will have to wait and see how the exchange handles the situation once they find the hackers involved with the scam.