More

    World’s Largest Crypto Exchange: Binance Got Hacked for 7000BTC ($40M)

    Even the biggest of all will face this nightmare at least once in its lifetime.

    The reputed crypto exchange, Binance has reported a massive hack of 7000BTC (worth over $40M) yesterday.

    World’s Largest Crypto Exchange: Binance Got Hacked for 7000BTC ($40M)

    Binance Hacked
    Binance Hacked

    After hearing this news from the very own founder, famous personalities from crypto-sphere has offered help to the exchange in all the forms they can.

    Antivirus founder, John McAfee tweeted (responding to) CZ saying, “if I can help at all please let me know. Underneath my clown suit is still one of the most experienced cybersecurity experts on the planet. I’ve been doing it for 51 years. I am at your service.

    And the Tron (another cryptocurrency founder) founder, Justin Sun has tweeted “To support CZ, will personally deposit 7000 BTC worth USDT (40 million USDT) into @binance to buy $BNB, $BTC, $TRX & $BTT if CZ agrees. No need to #FUD! Funds are #SAFU.

    To which, CZ (Binance founder), has politely declined the offer by saying “Thanks for the support, really appreciate it. But currently no need. We will cover the loss from the #SAFU fund, there is enough. We are hurt, but not broken. We are working hard to resolve the issue so that everyone can deposit and withdrawal again. Will take some time.

    Hearing this, the entire crypto verse has startled and started asking CZ the plans of recovering.

    CZ has initially suggested plans to roll back the blockchain, but later confirmed not do so, as it would damage the credibility of Bitcoin‘s blockchain.

    Even fundamentally, rolling back the chain to undo the transactions would give nothing but more mining costs, so this plan was dropped down eventually.

    Funds are Safe tho!

    Binance is futuristic. It started saving money in the form of SAFU (Secure Asset Fund for Users) since last year to cope up with breaches like this.

    (By SAFU, it started keeping 10% of its transaction fees aside in reserve.)

    Finally, CZ thanked everyone who supported by halting their blockchains or blocking some alleged wallets. This breach has made no significant impact on Bitcoin after all.

    Recent Articles

    10 Best Free Beat Making Software for Windows

    Are you someone who loves making beats and create their own music or soundtracks but hasn’t found a good software for Windows, that is...

    Top 8 Best Chrome Extensions Must Have 2020

    Are you looking for Best Chrome Extensions? Don’t worry! I have got your back. In this article, you are going to get the latest...

    Top 10 Best Android Camera Apps of 2020

    Best Android Camera App: Nowadays, people while buying Android phones do not watch the features of the phone but firstly watch the camera quality...

    Top 10 Best Android Hacking Apps & Tools in 2020

    Are you looking for Android Hacking Apps? Don’t worry! I have got your back. In this article, you are going to get the latest...

    10 Best Overclocking Software for PC

    What is Overclocking? It is the practice of increasing the clock rate of a computer to exceed that certified by the manufacturer. Meaning running the...

    Related Stories

    Leave A Reply

    Please enter your comment!
    Please enter your name here

    This site uses Akismet to reduce spam. Learn how your comment data is processed.

    Stay on op - Ge the daily news in your inbox