Friday, January 27, 2023
Cryptalker
  • Home
  • News
    • Cryptocurrency News
    • Press Releases
  • Guides
  • Reviews
  • Cloud Mining
  • Exchanges
  • Wallets
  • Home
  • News
    • Cryptocurrency News
    • Press Releases
  • Guides
  • Reviews
  • Cloud Mining
  • Exchanges
  • Wallets
    Home / Exchanges / How Many Times Was Binance Hacked?

How Many Times Was Binance Hacked?

binance hacked
Post Views: 2,987

Binance is one of the most popular cryptocurrency exchanges in the world. It was founded in China and was moved to the EU island of Malta. It managed to gain a lot of popularity thanks to its impressive number of Initial Coin Offering listings, their professional attitude, a friendly CEO, low trading fees, and also – especially – its security system. But, Binance has been hacked; and not only once. Keep reading to find out how many times.

Table of Contents

  • Has Binance Been Hacked?
  • How High are the Chances of Binance Getting Hacked?
  • Is Binance Safe?
  • Summary

Has Binance Been Hacked?

In early 2018, the platform came under a phishing and API attack. What is phishing? In a nutshell, bad people creating a Binance lookalike website and tricking you to use your password and username. Once the phishers got a good amount of login IDs, they logged into those accounts trying to transfer the funds out of them.

For months the hackers had been accumulating people’s logins via a phishing website and secretly installing API access on the affected accounts. Thieves began exchanging users’ coins for Viacoin (VIA) without their consent. As the price of Viacoin rose due to the increased demand, the attackers sold their VIA supply to make a substantial profit. As soon as the Binance team realized the malicious behavior, they disabled withdrawals and froze the affected funds. After some investigation, they were able to identify the malicious parties, obtain the stolen coins, and revert the funds back to the appropriate people.

Luckily no one lost funds as the hack was caught and the only people to lose out were the hackers, whose funds will be donated to charity.

This event has done a lot to instill confidence around Binance, not only did their automated processes catch the attempted hack before anyone lost any funds, they have since offered a $250,000 bounty to anyone who can help catch the hackers. Throughout this event, Binance acted exemplary and have been praised for their swift action in resolving this.

How High are the Chances of Binance Getting Hacked?

Theoretically, every exchange can be hacked in this space. It feels like every month some massive hack is happening on an exchange or during an ICO. And one of the weakest spots in security is usually the human operator.

If you use weak passwords, log in on untrusted WiFi networks, don’t use two-factor authentication, and click on random links on the internet and in your spam folder, you’re probably going to get hacked eventually.

All securities are based on some code algorithm and all code can be decoded by some geek. Nowadays many exchanges store the majority of user’s cryptocurrency in cold storage to avoid hacking.

Is Binance Safe?

Binance is equipped with the latest security tech and seems to genuinely care about the security of its users.

The security features and an exchange’s security history is something that every cryptocurrency trader has to keep in mind before dipping their toes into the exchange. It is essential to see and make sure that the security that an exchange is providing is enough and is a good fit for your portfolio. Binance on all accounts delivers here too.

The exchange architecture includes CCSS and ISO/ICO_27001:2013 security protocols. For account security, the platform offers users the option to activate Google Authenticator and 2FA to verify withdrawals and security modifications. Users must activate one of these features in order to verify an account.

Binance security features:

  • Two Factor Authentication (2FA) on Login: Binance has Google Authenticator or SMS 2FA as options. We recommend using Google Authenticator as it’s more secure and easy to use.
  • Login Puzzle Captcha: When logging in you will be greeted with a captcha puzzle to solve. Drag the puzzle piece across the image to match up to its corresponding spot. Pretty easy!
  • Never been hacked (as far as we know): To our knowledge Binance has never been hacked, of course, if they had, I don’t know if they would tell anyone.

The Binance security history is spotless. The exchange has never been hacked and neither has the platform been breached. The one time that the exchange was suspected of being “hacked”, a third party API was misusing its access privileges for a pump and dump drive.

Overall, Binance is one of the most secure exchanges in the market at this point. Their wallet services are secure and safe; their transaction fees are quite low as well. Binance is a safe option for cryptocurrency traders and users and is probably one of the safest bets out there.

Summary

Many cryptocurrency experts, along with large holders, believe that it is best to hold large amounts of cryptocurrencies in a secure hardware wallet, like the Ledger Nano. Any online space is prone to hacking. However, Binance has a good reputation and they provide all the security measure to preserve this platform.

 

Total
0
Shares
Share 0
Tweet 0
Share 0
Share 0
Share 0
explained
About the author
Avatar
Christine Rebane
Christine is a crypto-journalist and copywriter who has a great passion for blockchain technology. She contributed articles to various crypto websites and loves teaching.
Previous Post
When Will Bitcoin Mining End?
Next Post
What is a Security Token Offering (STO Definition)?

Related Posts

Altcoins Bitcoin
What Will Happen to Cryptocurrency if Stock Market Crashes?
Bitcoin Stores
Other
Where Bitcoin Stores Data?
blockchain business
Other
What is a Blockchain Business?
Press Releases
  • Shock, Hustle, and After-shock Predictions About Coronavirus

    30 March, 2020
  • Traders are Turning to Forex Signals During Times of High Volatility

    30 March, 2020
  • 6 Crypto Websites Blocked by Russia’s Media Watchdog, Including News Outlet

  • Blockchain Life 2021 welcomes 5000 participants and leading companies of the industry

    27 January, 2020
  • The Evolution of a Bitcoin Wallet

    27 November, 2019
Sponsored Stories
  • How Cryptocurrencies Became a De-facto Payment Method for Online Gambling

    5 September, 2020
  • How to Choose a Bitcoin Wallet in 2022

  • 8bit Limited runs a contest in its Free DOGE faucet in Telegram

  • What is the best EMA to trade Bitcoin Today?

  • Switchere Exchange Review 2022

Cryptalker
  • About Us
  • Contact Us
  • Privacy Policy
  • Legal Disclaimer
  • Terms of Use
  • Bitcoin
  • Other
  • Altcoins
  • Submit Press Release
About

Cryptalker is the perfect place to get all useful information about buying bitcoins and investing cryptocurrency.

Categories
  • Altcoins
  • Bitcoin
  • Cloud Mining
  • Exchanges
  • Other
  • Press Releases
Copyright © 2021 Cryptalker. All Rights Reserved.
  • Home
  • News
    ▼
    • Cryptocurrency News
    • Press Releases
  • Guides
  • Reviews
  • Cloud Mining
  • Exchanges
  • Wallets