It is one of the most important crypto marketplaces worldwide. Now the Binance Exchange has to admit the loss of 7000 Bitcoins. Users’ credit balances should be secure – but the hack still has consequences for them.
“I look exhausted” and “I haven’t really slept the last 29 hours”: A current Twitter video by Changpeng Zhao begins with these sentences. He is the head of the popular crypto exchange Binance and does in the article what you never really want to do as the head of a crypto exchange: admit a bigger security gap. Say that their own platform was tricked by hackers who acted “very patiently” and were thus able to take over many user accounts, among other things.
Binance also announced in a press release on Wednesday night that it had discovered a major security problem on Tuesday. Among other things, hackers could have picked up codes used to secure accounts during two-factor authentication – as well as API keys that can be used to connect Binance to third-party programs such as crypto apps. “The hackers used a variety of techniques,” writes Binance, “including phishing and virus attacks, but also other attacks.
It is said that 7000 Bitcoins – which at that time had a value of a good 40 million dollars – had been transferred from a so-called Hot Wallet of the company (to be understood here via Blockchain.com). Hot wallets are usually crypto wallets that are connected to the Internet – in contrast to so-called cold wallets. The Hot Wallet contained around two percent of the Bitcoin credit balance of the exchange, the transfer of the 7000 Bitcoins could not be stopped in time – which is a problem as confirmed Bitcoin transactions cannot be reversed.
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Binance is one of the world’s most popular crypto exchanges. The company was founded in China, but is now based in Malta, among other places. Like other crypto exchanges, Binance enables users to easily trade crypto currencies such as Bitcoin, Ether and Ripple. Real-money deposits by credit card are also possible. However, the crypto credit balance that users have in their accounts is practically always available on the stock exchange – unlike when users manage their crypto currencies themselves and under their own responsibility.
“Injured”, not broke
Binance emphasizes that the stock market balances of Binance users are not affected by the incident. A fund set up for emergencies called Secure Asset Fund for Users (SAFU) will be used to cover the loss. According to the platform, ten percent of all transaction fees received by Binance have flowed into the fund since July 2018. According to Binance, the fund’s money is in a cold wallet. One is “injured”, but not broke, Changpeng Zhao wrote on Twitter.
As Changpeng Zhao also says in his video, the hackers succeeded in tricking the stock exchange into carrying out security checks. Binance now wants to carry out a security check on its system. It is expected that neither withdrawals nor deposits will be possible on the platform for a week. A press release says: “Please understand that hackers may still be controlling some user accounts in the meantime and using them to influence prices”.
- In his Twitter video, Changpeng Zhao advises users of his exchange to rebuild their two-factor authentication and API key.
- In principle, a password change would also make sense – possibly on other websites, too, if they used the same password as Binance (which is not recommended).
As a rule, Binance users should be suspicious and cautious these days – as they are elsewhere – if they are contacted by alleged Binance support staff, for example in forums or chat groups. These are fraudsters. In view of the news of the hack in particular, criminals could have a good chance of persuading unsettled users to provide them with account access data, for example.
The first indications of margin trading on Binance appeared in a tweet on 24 May. In this tweet, Binance gave an insight into its new user interface with a screenshot post. However, a clearly visible button for margin trading attracted more attention than the new user interface.
On the other hand, margin trading enables short selling and in the past, many believe it was responsible for the sharp drop in the Bitcoin price. However, this is a questionable assumption. Short selling takes place in traditional markets and should contribute to overall stability. After all, betting in the market works in both directions to balance each other out.
A review of the last three years shows an amazing chart. In March of 2016, Bitcoin was largely unknown. Its value was just under 376 euros. A creeping rise set in motion. In April 2017, the value of a Bitcoin was already 1,125 euros. In June of the same year it was already 2,323 Euros. And in December 2017 the probably best known crypto currency reached its peak. A virtual coin was worth 12,255 Euro at this time. But at that time the bubble was so bloated that it simply had to burst. Just two months later, in February 2018, the price was still 7,582 euros. In June last year, the price stood at 5,817 euros. And even from October with 5,590 euros it went further down to December, where the value finally came to 3,247 euros.
Not only the Bitcoin has increased in the past month. The litecoin most likely gained in value with over 40 percent. Ethereum also increased by more than 20 percentage points. Monero ranks just below. Only then does the Bitcoin itself come with an increase of 10 percent. Finally, Ripple is mentioned, which can only be found just above its starting position in the 30-day interval. With a total of more than 70 crypto currencies on the market, it is ultimately not at all certain which currency(s) will prevail the most. Bitcoin is clearly ahead of Etherum in terms of market value, which in turn moves just ahead of Bitcoin Cach. In terms of market capitalisation, Ripple is in third place, behind Bitcoin and 
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