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

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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.

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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.

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