The hack of the crypto exchange Binance

On March 7, trading activities were noted that did not meet the standard. Unusual activities were found on the VIA / BTC market. It took two minutes for Binance’s security system to automatically intervene and stop all payouts.

Table of Contents
The Binance Hack: What happened?
Hackers lose their coins
Praise for Binance
Phishing protection
The Binance Hack: What happened?
The hackers had collected user account credentials over a long period of time. According to Binance, it started at the beginning of January. On February 22, the fraudsters intensified their activities with sophisticated phishing domains with Unicode (e.g. Bịnance instead of Binance). Many users did not notice the change and unconsciously passed on their data to the fraudsters.

Bitcoin Profit What happened?

After the hackers scammed the access data, Is Bitcoin Profit a Scam? Beware, Read our Review First they used it to create an API key for each account for trading. After that nothing happened anymore – until March 7th. The hackers used the created AIP keys to manipulate and drive up the market VIA / BTC. 31 accounts took advantage of this price increase and sold previously deposited VIAs at the highest price. Immediately after the sale, these accounts wanted to pay off their profits – unsuccessfully.

Binance’s automatic security system deactivated the payouts. The hackers not only could not make a profit, their VIA coins were also frozen by Binance.

The hackers were clever, well-organized and patient. They waited for the right opportunity and took advantage of a low-volume market to maximize profits.

Hackers lose Bitcoin Revolution

But without success. All digital currencies are safe, the phishing and theft attempt failed. Bitcoin Revolution was able to fend off the attack and payouts are possible again.

The hacker attack was well-considered and elaborate. It took the attackers a lot of time and patience. But that’s not all. Binance simply turns the tables and “hacks” the hackers. The CEO of Binance, Changpeng Zhao, wants to use the hackers’ coins and donate them to the Binance Foundation.

Binance has reversed all irregular trades. All deposit, trading and withdrawal are resumed. will write a more detailed account of what happened shortly. Interestingly, the hackers lost coins during this attempt. We will donate this to Binance Charity.

– CZ (not giving crypto away) (@cz_binance) 7 March 2018

Praise for Binance

Bitcoin exchanges are often criticized and usually rightly so. Security vulnerabilities, dissatisfied customers and hacks are no longer a rarity. That’s why we should praise Binance at this point.

advertorial

It’s not so much about Binance stopping a hacker attack as about Binance’s behavior during and after the incident.

Binance* noticed the incident and an official announcement was immediately published. The problem was described in detail and the customers were clarified. And within a very short time the problem was solved. This action creates confidence in a stock exchange that has only been in existence for a short time.

Posted in Info