Binance Hack: Changpeng Zhao Assures Users Funds Are Safe

binance Hack
binance Hack

Binance Hack: Changpeng Zhao Assures Users Funds Are Safe

Rumors of Binance hack surfaced earlier this day when some users reported unusual trades being triggered through their accounts. The binance CEO Changpeng Zhao has assured users that their funds are safe.

Was Binance hacked?

In its initial statement on Reddit, Binance said it was investigating these reports, announcing all withdrawals had been suspended but pushing back against claims that the platform was hacked.

“As of this moment, the only confirmed victims have registered API keys (to use with trading bots or otherwise). There is no evidence of the Binance platform being compromised,” the post said. “Please remain patient and we will provide an update as quickly as possible.”

However, the exchange said its platform was not breached. The Binance CEO confirmed by a post at his official twitter account.

All funds are safe. There were irregularities in trading activity, automatic alarms triggered. Some accounts may have been compromised by phishing from before. We are still investigating. All funds are safe.

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

Current status of funds

Clearly, some accounts were affected by the incident which is yet to be confirmed to have compromised the Binance system. Few users reported their balances at the exchange drained, sold at market rates and converted to viacoin. In his latest tweet CEO Binance has reassured users that the falsely triggered trades have been identified and will be reversed.

“We have localized the irregular trades, they will be reversed.  All funds are safe, thanks to the fast alarm. Please learn to secure your accounts against phishing.”

What are your views on Binance vulnerability? Let us know your thoughts below!

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Author: Achal Arya

I am an entrepreneur and a writer with a bachelors degree in Computer Science. I manage the blockchain technology and crypto coverages at Coingape. follow me on Twitter at @arya_achal or reach out to me at achal[at]coingape.com.

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Achal Arya 274 Articles

I am an entrepreneur and a writer with a bachelors degree in Computer Science. I manage the blockchain technology and crypto coverages at Coingape. follow me on Twitter at @arya_achal or reach out to me at achal[at]coingape.com.

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