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COVER Hack: Cover Protocol and Binance Announce

  1. Binance Announces $10 Million Cover Token Compensation Plan. Binance, one of the leading crypto exchanges in the current market has decided to compensate affected COVER token holders from its SAFU Funds. The CEO of the exchange Changpeng Zhao took to Twitter to inform the customers that they would initiate a $10 million compensation plan powering to the Cover exploit
  2. The stolen bitcoin will be reimbursed through Binance's secure asset fund, emergency insurance available in case of a breach. Binance warned that other accounts could be affected. Binance also..
  3. Binance says it will cover the cost of the stolen bitcoins Hackers have stolen $41m (£31m) worth of Bitcoin in a major crypto-currency heist. The Binance exchange, which stores Bitcoin and other..
  4. Following is a list of the best exchanges that have confirmed insurance funds to protect you against hacks. 1. Binance - Funds are SAFU. Binance takes a completely different approach to insuring its users' funds. Instead of going through an insurance broker the exchange has decided to create their own fund

Binance hack: $40 million worth of bitcoin stolen in hack

Binance exchange hackers steal bitcoins worth $41m - BBC New

  1. Soon after the announcement was made, various digital exchanges started to work with Binance to impede any deposits connected with the hacked wallets. Whereas, the community offered their help to the victim via donations..
  2. Soteria Finance is a mutual insurance platform developed on the Binance Smart Chain (BSC). It was launched on January 13, 2021 and its goal is to shield members of the DeFi community from exposure to losses. This is a result of arising hacks and compromised smart contracts across the entire De-Fi ecosystem. Soteria Finance is made up of four core parts: risk protection fund pool, claim assessment, risk assessment, and governance. In line with the core goal of decentralization, it is wholly.
  3. Binance allocated 10% of its total trading fees to an insurance fund and paid out $40 million from that fund during the recent Binance hack. Stable coin provider, Equilibrium , maintains a fluctuating fund currently valued at $10.8 million to protect users in case the value of their stable coin is ever threatened
  4. Is Binance Wallet Safe? Yes and no. Binance is definitely one of those exchanges that are taking their security seriously, and because of that, Binance is a great platform to use for trading cryptocurrencies. With that said, no matter how secure an exchange is, they're always a hot target for hackers. Hence, storing funds for long-term storage on Binance and any other exchange is a big no
  5. Binance CEO said the company last year set up an internal insurance mechanism, called Secure Asset Fund for Users (SAFU), which will cover the entire amount of the hack and won't impact users. To protect the future interests of all users, Binance will create a Secure Asset Fund for Users (SAFU), Zhao said. Starting from 2018/07/14, we will.
  6. In the vast majority of these cases, Binance will use the insurance fund to take the positions, and offload them onto the market slowly. The insurance fund will collect liquidation fees from clients that do not result in client bankruptcy. If the insurance fund is unable to accept positions from the liquidations, then the counterparty-liquidation will occur
  7. Binance has decided to compensate users who lost money on their investment during an attack on the DeFi project Cover Protocol.. The Attack in Brief. Cover Protocol, a DeFi project, was attacked on Dec. 28. The hacker managed to freely generate the project's native COVER token and swap those tokens for ETH, DAI, and WBTC

Crypto.com is the proud recipient of a new insurance policy that gives $150 million worth of coverage to the customers of crypto.com. This brings Crypto.com's grand total of insurance coverage up to $360 million dollars. According to publicly available information, Crypto.com is now the largest holder of insurance in the space Der letzte Binance Hack ereignete sich im Mai 2019 als Hacker mit 7.000 BTC in damaligen Gegenwert von 41 Millionen USD flüchten konnten. Damals wurde der SAFU Fund von Binance genutzt, um die entstandenen Schäden zu decken. Durch SAFU Fund ist die Börse bis zu einem bestimmten Grad abgesichert. Doch wenn es einen weiteren, größeren Hack geben sollte, dann könnten theoretisch die Mittel. Twitter: https://twitter.com/Crypto_DailyInstagram: http://instagram.com/crypto_dailyDisclaimer: I am not a financial adviser and this is not financial advic..

Like most crypto exchanges, Binance has also been a victim of hacks and data breaches including a 2019 breach where $40 million worth of Bitcoin got stolen. Since deposits are insured, you will get your money back but the process can end up being excruciating. Not Available in Some Countries and State Binance, one of the world's largest cryptocurrency exchanges, said hackers withdrew 7,000 Bitcoins worth about $40 million via a single transaction in a large scale security breach, the.

Best Crypto Exchanges With Insurance Funds Against Hacks

  1. What Happened in the May 2019 Binance Hack? Binance calls this hack a large scale security breach. On May 7th, 2019, at 17:15:24 (UTC), hackers used a large number of stolen account details to withdraw 7074 Bitcoins from the Binance exchange. The hackers made this withdrawal in one transaction, which you can view on the Blockchain.com block explorer. This withdrawal did not trigger.
  2. However the insurance limits on these exchanges are less than $5million, with is barely enough to cover users in the case of a serious hacking incident. It remains to be seen how exchanges will resolve the lack of trust from Insurers. Binance has wisely chosen to take on the costs of insurance by allocating 10% of their trading fees to SAFU. As.
  3. In response to the hack, Binance promised to refund all losses to affected users. To a great extent, this reinforces user confidence in the platform and merits full recommendation
  4. i
  5. Der Schutz deiner Einlagen und deiner privaten Daten ist unsere größte Priorität und unterliegt den höchsten Sicherheitsvorkehrungen. Kaufe Bitcoin und andere Kryptowährungen schon ab 15 €, ganz einfach mit Debit- oder Kreditkarte. Heute loslegen
  6. However, Binance has had a fair share of controversies in the past. Approximately two years back, Binance was a victim of a large-scale security breach in which an amount worth $40 million was stolen by hackers. Regardless, the company would reimburse customers through its secure asset fund, the hack raised the question of crypto-security

KuCoin's CEO: The $150 Million Hack Is Small For KuCoin, Insurance Will Cover. Following the KuCoin hack, the CEO of the exchange, Johnny Lyu, has explained, in a live session, the company's next move to salvage the situation while also giving comfort to users The most recent hack occurred at Binance when around 7,000 BTC were stolen. Theft at Binance caught a lot of attention since it's the only known breach for the exchange. Everyone thought the exchange was completely protected, the hack showed no one is 100% safe. An important note was that Binance gave refunds to its users, something that doesn't happen. The exchange went on with operations. The stolen bitcoin (XBT) will be reimbursed through Binance's secure asset fund, emergency insurance available in case of a breach. Binance warned that other accounts could be affected. Binance.. Keep your 2FA on a separate device. Also, use an email for binance that is not associated with your phone. Something like protonmail. Just use the protonmail app on the device you keep at home. number. Never access your binance email from your phone. Use a VPN. Choose a strong password for binance. Set up a whitelist for withdrawals. Try not to store too much funds on an exchange. Binance has their trust wallet send your funds there for safe storage. Keep your wallet seed.

Your Cryptos Insured? Here Is a List of Crypto Service

  1. Right now, our platform works on top of Binance's API. So when I read that Binance had been potentially hacked for $45 million last week, I was left feeling uneasy. Since then, the storm has blown over; Binance announced that funds are safe and they would be covering any losses. But I still feel unsatisfied. News coverage of the incident was extremely poor, there was little information released, and rumours are spreading like wildfire
  2. ated its planned merger with Cover Protocol
  3. The Binance hack is believed to have been performed by collecting the credentials, 2FA credentials, and/or API keys of many users, likely through phishing campaigns or targeted malware

The hackers were able to withdraw 7,000 BTC from Binance's hot wallet, to which the company says that 7,000 BTC is peanuts i.e 2% of it's total Bitcoin holdings. As Soon the report of the hack came out, Top crypto experts and business persons came forward to help CZ Binance. Among them were the creator of Mcafee foundations, john McAfee and. Binance is safe. It was a project that was build on the binance chain. Its like you have money on the bank (binance) and the bank decided to buy a big piece of land (binance chain). On that land someone build a house (smart contract). That house got robbed. So as you can see binance/the bank doesnt really have anything to do with this hack

Binance Smart Chain DeFi Project Hacked for $31 Million

Binance to Cover USD 10m in Losses for Users Affected by

In May of 2019 hackers were able to steal Bitcoin worth about $40 million from Binance. The hack sent reverberations throughout the Bitcoin community and even led some to question whether there should be a block re-org in order to return the stolen funds. Thankfully this idea was shot down and Binance ended up making account holders whole again by using its insurance fund The hack has only hit Binance's bitcoin hot wallet which contained about 2% of their total BTC holdings and in the light of the hack makes you realize just why exchanges keep only a small percentage of holdings on hot wallets. Binance has reported that all of their other wallets are secure and are unharmed Binance US uses cold wallets, multiple security signatures, and a committed security team that keeps an eye on everyday operations to safeguard from hackers. Binance US encourages its users to use strong passwords, avoid sharing passwords, not use the same passwords repeatedly, and use password managers

Binance SAFU Fund to Compensate Clients of the Cover

Binance claims the attackers used a range of techniques including phishing and malware to carry out the hack. The attack managed to circumvent Binance's security checks, but after noticing the. During the hack on Binance, this fund was used to pay the affected users. Insurance funds play a huge part in an exchange's life cycle and protect users against extreme situations like a security breach or a hack. All major platforms have insurance funds of sorts. BitMEX, for example, has a BitMEX insurance fund, however, regulated exchanges like Coinbase or Gemini have FDIC insurance for. Binance has stated that they will use their SAFU fund (Secure Assets Fund for Users - an emergency insurance fund intended to be used to mitigate significant operational losses) to cover the stolen cryptocurrency, according to the update, and have assured users that their deposits or balances will remain unaffected by the hack Crypto exchange Binance has announced that it will compensate its users who were affected by the recent Cover Finance hack. Binance will distribute just over $10.1 million in BUSD and ETH from its SAFU Fund. The exchange added that it's yet to be decided whether trading of COVER tokens will resume in the future. Cryptocurrency exchange Binance has announced today that it will dole out more.

Hacks and security breaches are a mainstay, with over $4.2 billion siphoned off in scams and hacks throughout 2019, Binance, however, did have insurance, internal albeit, called the secure asset fund for users or SAFU! as their customers exalt [complete with the exclamation]. Volatile, high-value, Internet-based, Internet-vulnerable, shifty compliance - it's easy to see why hackers. This is an insurance pot that Binance itself funds via transaction fees that it collects from the exchange. The main idea with the SAFU is that it is there to cover investor losses should Binance get hacked (or defaults occur via Binance Earn). Whether or not the amount of capital in the SAFU would be sufficient enough to cover potential losses remains to be seen. Taking all of this into.

Binance, as the world's largest exchange would clearly be a prime target for hackers. Indeed the 2 hacks in 2019 demonstrated this. However Binance did handle the hacks by compensating affected users from its insurance fund and providing them with various benefits. So is Binance still safe in 2019? We'd say that from track records, when it was hacked the Exchange will step in to remedy your loss. However we emphaise that no exchange is 100% safe. Hence we emphaise the importance of. Binance. Binance was hacked once for 7,000 BTC, worth over $350m at the time of writing. Fortunately, they had an insurance reserve, and all affected users were quickly given back their BTC holdings. Binance defenses have improved since, but poor user reviews of their customer service suggest they still have room for improvement

The price of one bitcoin token was about $9,820 as of this writing, a drop of 1.09% during the past 24 hours. BTC prices hit a low of $9,530.779 and a high of $10,115.39 during the past 24 hours. While the Binance hack caused initial anxiety, fears were quickly allayed when CZ assured the community that the funds were SAFU (Secure Asset Fund for Users), Binance's emergency insurance fund. The real uproar that ensued was over CZ's suggestion that the Bitcoin network could be re-organized. What that meant was that Binance could recover their funds if they could cut a deal with the. This fund is used to insure users' assets in the case of a security breach on Binance's website. The fund does not, however, insure hacks against personal accounts, so be sure to keep your. Hacker Claims He Stole KYC Documentation From Binance Insider Platon described himself as a white hat hacker who approached Binance seeking a bug bounty in exchange for the documentation. However, negotiations broke down between the two parties, with Binance announcing that the hacker had requested 300 BTC in exchange for withholding 10,000 photos that bear similarity to Binane.

Following the unfortunate hack of leading cryptocurrency exchange, Binance, CEO Changpeng Zhao held an ask-me-anything (AMA) session on Twitter, albeit the meeting was well scheduled before the ugly incident.. Here, we bring your the biggest talking point from CZ's AMA session following the Binance hack.. 1. On the Security Breach. In with our earlier report about the Binance hack, Zhao. Crypto News - Binance Hack and Bitcoin Over $6000. Where will we go from here? On 7th of May Binance has revealed that they have discovered a large scale security breach. Hackers were able to.

Video: Soteria Mutual Partner Program: Furthering Insurance on

Hack Brief: Hackers Stole $40 Million from Binance

Warunki i zasady Binance oraz umowy użytkownika. Upon completion of the registration and identity verification for your Binance Account, you may use various Binance Services, including but not limited to, Crypto-to-crypto Trading, Fiat Trading, contract trading, leveraged trading, Binance Savings services, staking, acquiring market-related data, research and other information released by. About dART Insurance Coin. dART Insurance price today is $0.271058 with a 24-hour trading volume of $351,336.DART price is down -11.6% in the last 24 hours. It has a circulating supply of 0 DART coins and a max supply of 142 Million. PancakeSwap is the current most active market trading it.. You've probably heard that famous artist Beeple recently sold an NFT collection for almost $70 million Binance had some insurance funds in case situations like this happened. They took responsibility for the $40 million, therefore, their customers' funds are still safe. Binance did do a set of updates which required to stop trading for a duration as well as cancelling withdrawals for security reasons. This is the latest update regarding withdrawals provided by CZ on May 15th at approx. 1 PM. Binance also provides a beginner guide on their website on learning the ropes using Binance's platform. Other features that Binance offers are a 24/7 online chat feature which allows you to contact Binance's customer representative's immediately and you are only prompted with an email address and your question before being connected to a Binance representative

Binance Hack Saga: From Getting Hacked, To Community Unity

The hackers who stole 7,000 BTC from Binance continue to layer funds in an attempt to launder and obfuscate the Bitcoin's connection to the hack. Read the latest report on the movement of these coins from analytics firm Coinfirm.. In May, the world's largest cryptocurrency exchange experienced its first major security breach, with hackers making away with 7,000 Bitcoin, now valued at over. Crypto Exchange Binance announced that they will compensate users who were affected by recent cover finance hack. Binance will distribute over $10 million dollar in BUSD and ETH from it's Safu fund. Cover Finance is a decentralized peer to peer Insurance Platform that allows users to buy coverage. Hackers used security hole to quickly create massive amount of fake coins . Later used the fake. Binance reimbursed all of the users lost money to cover the security breach using it's emergency emergency insurance fund. Is Binance Trustworthy? Since the launch of Binance, the cryptocurrency has proven itself to be a legitimate, safe and trustworthy exchange that allows users from all over the world to buy, trade and sell cryptocurrencies Binance Smart Chain Now Has $4.325B in Total Value Locked 2016 Bitfinex Hack: Over $750M worth of Bitcoins on The Move; AXA, Switzerland's Biggest Insurance Firm, to Accept Bitcoin; Topics. Altcoins 99 Posts. View Posts. Business 66 Posts. View Posts. Crypto News 284 Posts. View Posts. DeFi 22 Posts. View Posts. Exchanges 6 Posts. View Posts. Learn 37 Posts. View Posts. Market News 151.

Binance hack has made it to Bloomberg terminal front page, featuring along-side reportings on central bank activities. Arianna Simpson (Founder & Managing Director at ASP): Welllllll on the upside I guess the Binance hack is good marketing for their DEX initiative? Alex Krüger (Economist, Trader, and Analyst): In a bear market this would have easily have caused a deluge. Either. Ledger Promises Funds Insurance As Client Data Leak Expands (UPDATED) By Linas Kmieliauskas. January 13, 2021. Source: Adobe/Mingis. France-based major crypto hardware wallet manufacturer Ledger confirmed that Shopify hackers obtained Ledger customer personal information in April and June 2020. (Updated at 14:01 UTC: updates throughout the entire text.) Along with forensic firm Orange. When Binance was hacked last May, the traders quickly got back the Bitcoins they lost thanks to SAFU. On the Compared to Bittrex, it charges lower transaction fees. Not only does it employ higher safeguarding measures, fund insurance, and great customer support, Binance has a more user-friendly interface out of the two. Visit Binance . Visit Poloniex. Cryptocurrency Exchange Comparisons. Binance Unveils PayPal Competitor, Binance Pay with BTC, Hacking. KuCoin Other 16% of the stolen funds that hackers managed to cash out were covered through the exchange's insurance fund. At the time of the theft, they were worth approximately $45.55 million. It's nice to see the hackers didn't get away with it this time. Kucoin has done a great job by recovering most of.

Although they are covering this with insurance, it could gravely impact users otherwise. Their funds could disappear and their data could leak. Even if the customer's funds were protected, the hack shows some serious questions about how Binance keeps its customer data safe as well. With such revelations, now is a good time for everyone to make a security audit. It is time to check that you. Binance had some insurance funds in case situations like this happened. They took responsibility for the $40 million, therefore, their customers' funds are still safe. Binance did do a set of updates which required to stop trading for a duration as well as cancelling withdrawals for security reasons. This is the latest update regarding withdrawals provided by CZ on May 15th at approx. 1 PM Eastern Time Binance has stated that they will use their SAFU fund (Secure Assets Fund for Users - an emergency insurance fund intended to be used to mitigate significant operational losses) to cover the stolen cryptocurrency, according to the security breach update, and have assured users their deposits or balances will remain unaffected by the hack

According to the Digibyte founder, representatives at Binance tried to strong-arm the project into providing $300,000 plus 3% of all DGB in order to protect against hacks, thefts and other issues. It remains unclear exactly how the $300,000 would be used to accomplish this, though the entire move seems similar to requesting 'protection money. Thanks in no small part to the number of hacks DeFi has seen over the last few years, it's become a pillar of the Ethereum ecosystem, regarded as a safety net for users who want to engage in activities such as yield farming. Nexus Mutual is commonly referred to as DeFi insurance, though it labels itself as a cover provider for legal reasons. Members of the Mutual are responsible for approving or declining claims, and their voting power is calculated according to the proportion of NXM. Binance is one of the world's largest cryptocurrency exchanges, its founder and CEO Changpeng Zhao confirmed that the hackers stole the bitcoins from a hot wallet that contained roughly 2 percent of the exchange's total holdings. The good news for the customers is that its Secure Asset Fund for Users emergency insurance fund will cover the incident in full Binance CEO Changpeng Zhao (CZ) was quick to announce that no users have lost funds and that the Binance #SAFU fund will cover the loss. Binance was known as one of the most secure exchanges in the cryptocurrency space, but has long been a target for hackers given the large amounts of money the exchange holds in hot wallets. As a result of the hack the exchange has suspended withdrawals and. Binance fully covered losses from the hack through its SAFU fund. Following the hack, major exchanges reacted by blacklisting the stolen funds. Coinbase, Poloniex, Kraken, and Huobi would freeze the funds should hackers directly deposit them into accounts on the exchanges. To circumvent these controls, the hackers have continued to move the funds in an elaborate chain of transactions to obfuscate their connection to the hack

Soteria Finance Project Review: Pioneering Insurance on

2FA verification, insurance for hot storage if Coinbase is breached, biometric fingerprint s, cold storage, FDIC-insured USD balances, AES-256 encryption for digital wallet Top Binance Chain Tokens by Market Capitalization. $108.33B Sector. Market Cap. 4.86% Sector. Dominance. $11.67B Sector. 24h Volume

Crypto Exchanges Hacked in 2019 - Biggest Losses - Crypto Land

Are you really insured by your crypto insurance

Binance Jersey Twitter Account Hacked. The Twitter account of the Binance Jersey, a domain extension of cryptocurrency exchange Binance, was hacked by an anonymous white hat. The hacker, @LightningNetwo9, declared he did it with altruistic objectives in mind, stating he could have turned this into a huge phishing scheme. The hacker posted a tweet from the Binance Jersey account stating he was a security researcher, prompting Changpeng Zhao, Binance CEO, to contact him. The tweets have. Binance is setting aside $10.1 million from their SAFU insurance fund to compensate clients who suffered losses from the Cover Finance exploit as per a statement on Dec 31. $10 Million to Cover Victims and Binance Clients . In what is a reprieve-and an additional cover of what Binance clients would receive from the Cover Finance team, the $10 million is a re-affirmation of Binance's belief. 2016 Bitfinex Hack: Over $750M worth of Bitcoins on The Move; AXA, Switzerland's Biggest Insurance Firm, to Accept Bitcoi Binance reimbursed all of the users lost money to cover the security breach using it's emergency emergency insurance fund. Is Binance Trustworthy? Since the launch of Binance, the cryptocurrency has proven itself to be a legitimate, safe and trustworthy exchange that allows users from all over the world to buy, trade and sell cryptocurrencies. The exchange regulated in a number of jurisdictions and complies with KYC requirements and local AML/CTF regulations in each country Binance has a SAFU reserve fund, which basically means that they take 10% of the trading fees they charge and put it in a big insurance pot, so that in the event of a hacking, their users will be compensated. This was used in May 2019 when hackers stole $40m worth of Bitcoi

How Safe is Binance for Storing my Coins? - CryptoSe

Binance customers won't lose money, though, thanks to its Secure Asset Fund for Users, an emergency insurance fund it's had in place since July 2018. What makes bitcoin exchanges so hackabl COVER Hack: Cover Protocol and Binance Announce Compensation Plan for Hack Victims 2 hours ago International Coingape 66 Print this Page Cover Protocol, a Defi insurance protocol was recently exploited by a white hat hacker minting an infinite amount of the COVER protocol token owing to an infinite minting bug Binance is setting aside $10.1 million from their SAFU insurance fund to compensate clients who suffered losses from the Cover Finance exploit as per a statement on Dec 31. $10 Million to Cover Victims and Binance Clients In what is a reprieve--and an additional cover of what Binance clients would..

The exchange has an insurance fund to cover losses in case there is a malfunction or a hack — please note that this is not used to bail out your losing trades. The combined total loss could be bigger than the insurance fund can cover, so please do not store your cryptocurrencies on an exchange. We strongly recommend everyone to use a hardware wallet. Binance Coin. Binance launched an ICO. Meanwhile, the company said today that they will soon release a technical solution that will remove the 24 words as the single pillar of the security of our hardware wallets and will open the door to funds insurance for individual customers. In the meantime, they urged to NEVER SHARE YOUR [SEED] 24 WORDS WITH ANYONE I don't currently use Binance, but although the exchange has insurance to claim when the exchange is hacked, it's best not to store large amounts of Bitcoin on the exchange. It is better if we save a little in exchange for minimizing the loss of the money we have. It is better to store them in an external wallet, as they are more secure The Secure Asset Fund for Users is an emergency insurance fund started by Binance in July of 2018. 10% of all trading fees received will be moved to this Fund as an insurance fund as a form of protection. This was a very forwarding-thinking move by Binance. Overall, Binance has some of the best security among the different crypto exchanges. They are also quick to adapt to any new threats and vulnerabilities. Their exchange might be down for a couple of hours but quickly resume operation in a.

Zhao said no other wallets were impacted and assured customers that its Secure Asset Fund for Users emergency insurance fund will cover the losses. The hack, which Binance described as a large scale security breach, was discovered on May 7. The hackers are said to have obtained a large number of user API keys and two-factor authentication codes, and leveraged phishing, malware and other. The only thing crypto companies can do is develop a kind of in-house loss management and give their customers some sort of insurance such as covering (hacking) losses to a certain extend through own contributions or profits. This is exactly what has happened in some cases, e.g. through Binance or Bitfinex. More on this in the respective paragraphs Binance to Airdrop $16,000,000 of SXP Tokens to BNB holders. Binance also announced they will airdrop a total of 4 million SXP tokens (worth roughly $16 million USD) to BNB holders over a 12 week period. These tokens will be allocated on a weekly basis based on each Binance user's average daily BNB holdings in each respective week Zhao Changpeng, CEO of Binance. Akio Kon/© 2018 Bloomberg Finance LP. Cryptocurrency exchange Binance has reported what appears to be its largest hack to date

Finally, Binance's Trust score is a bit above average. While the exchange certainly does its best to safeguard user funds, sometimes its best is simply not enough: In early May 2019 it has hacked for 7000 BTC, around $40M at the time. All customers who lost funds were fully reimbursed by Binance's self-managed insurance fund maintained. In 2018, Binance introduced the Secure Asset Fund for Users (SAFU) which makes sure your funds will be safe in case of extreme security breaches. Binance allocates 10% of all trading fees received to SAFU. This is more than enough since the platform has one of the highest daily trading volumes

COVER Hack: Cover Protocol and Binance AnnounceBinance disaster recovery efforts praised following $40mKuCoin Hack Update: 11 Crypto Projects Freeze the Stolen

According to Bloomberg, major cryptocurrency exchange Binance has suffered another hack.This time the hackers withdrew 7,000 Bitcoin, which values approximately $40 million USD. This is the second major breach the exchange has faced, the first being an incident in March 2018. A notorious issue in the crypto-space, hacks have claimed $1.7 billion USD in 2018 alone Unknown hackers have stolen 7,000 bitcoins ($40.4 million) from Binance, the world's largest cryptocurrency exchange.The data breach and theft were detected Tuesday at 12:15 p.m. EDT. The attacke The hack represented 2% of Binance's $20,000,000 in overall assets. Additionally, CEO Changpeng Zhao (CZ) assured the Binance community that all investor funds are backed by their SAFU program. This Secure Assets Fund is set up to act like as an insurance policy for the hot wallet in the case of hacks like this Binance is considered a safe exchange that allows user account protection via the use of Two Factor Authentication (2fa). On May 7, 2019, Binance experienced a major hack which resulted in 7000 Bitcoins stolen from the exchange. However Binance has stated that all losses will be covered by its emergency insurance fund (aka SAFU) Binance, one of the world's largest cryptocurrency exchanges, said hackers withdrew 7,000 Bitcoin worth about $40 million via a single transaction in a large scale security breach, the.

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