Binance, one of the most well-known cryptocurrency exchanges in the world, appeared to be involved in a number of hacking attacks. It was first hacked in 2018 when people made a website that looked like Binance to phish. This tricked some users into believing that they were on the real Binance website. When they input their passwords, the hackers took advantage and transferred the funds out of the users’ accounts.
Hackers favors Binance again just a few years later. London’s High Court orders Binance to identify its hackers and hold their accounts. This is for the reason that, a user reports a hacked amount of $2.6 million from the account.
This is one of the first public cases involving Binance. It is said to be a test of the English court system’s capability. More importantly, on the discussion schemes of cryptocurrency. According to a Binance spokesperson, they can confirm that they are cooperating with Fetch.ai in the assets’ recovery. He also added that Binance holds accounts that seem to have unusual transactions. Therefore, Security policies and Commitment makes sure that the platform is safe to use.
Binance Criticisms
Binance has encountered strong criticism in the middle of a worldwide clampdown on cryptocurrencies. Such exchanges could be a tool for money laundering or letting users play victim to fraud.
However, Binance assures that it strictly complies with the local rules and widens its global compliance team and advisory board. Syedur Rahman, who represents Fetch.ai, expressed that they need to dismiss the mistaken belief that crypto-assets are unknown. Crypto-assets are easily “tracked, traced, and recovered” using the correct applications and rules.
According to Fetch.ai, the scammers hacked Binance on June 6. Because the fraudsters didn’t successfully take the assets out due to account restrictions, they reportedly sold them to a related third party in less than an hour.
Inspite of that, Rahman guarantees that unusual transaction of the account are monitored. Frozen with the total amount. The accounts cooperates with the orders. As for the complainants, before requesting a recovery order. A user presents evidences that an accounts was hacked.
Fetch.ai stated via email, saying that they have been working thoroughly with Binance and local enforcement to collect details about the fraudsters. As per the standard procedure, they will be issuing a court order to publicly deliver the information.
Hacking Binance: How likely will it be ?
Every exchange is hackable. Hacking possibilities are when the security is weak. Two-factor authentication is not recommended if you know that your password is weak and use unsecured WiFi networks. By doing so, hacking your account is easy.
Binance: is it safe?
Binance certainly cares about its users. Powerful security technology equips it. Therefore, each cryptocurrency trader has to prioritize the security features and records of security exchanges before conducting any transactions. Furthermore, Binance seems to deliver these on all of its accounts.
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