{"id":368423,"date":"2019-01-16T20:00:22","date_gmt":"2019-01-16T20:00:22","guid":{"rendered":"https:\/\/wncen.com\/?p=368423"},"modified":"2019-03-11T20:38:29","modified_gmt":"2019-03-11T20:38:29","slug":"crypto-binance-hacked-exchange","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/crypto-binance-hacked-exchange\/","title":{"rendered":"Crypto Isn&#8217;t Criminal Money: Binance Blocks Funds From Hacked Exchange"},"content":{"rendered":"<p class=\"p1\"><span class=\"s1\">This week, the popular crypto exchange Cryptopia <a href=\"https:\/\/wncen.com\/2019\/01\/15\/breaking-crypto-exchange-cryptopia-hacked-police-starts-investigation\/\">suffered the first major security breach<\/a> of 2019, resulting in \u201csignificant losses\u201d of crypto assets the exchange had stored.\u00a0<\/span><span class=\"s1\">Following the breach, social media users began tracking the movements of the stolen funds and alerted <a href=\"https:\/\/wncen.com\/tag\/binance\/\">Binance<\/a> CEO Changpeng Zhao that the funds had landed on Binance \u2013 the world\u2019s largest cryptocurrency exchange by adjusted volume according to CoinMarketCap.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Zhao and his exchange have earned a reputation across the industry as among the most safest and secure exchanges, and were quick to react to the situation by freezing the stolen crypto. Zhao also took to Twitter to speak openly about general security in the cryptocurrency space, further cementing the him and his exchange\u2019s status as the keeper of security in the cryptocurrency industry.<\/span><\/p>\n<h2 class=\"p1\"><span class=\"s1\">Binance Freezes Cryptopia Funds After Reports from Social Media Users<\/span><\/h2>\n<p class=\"p1\"><span class=\"s1\">Following New Zealand-based Cryptopia\u2019s <a href=\"https:\/\/wncen.com\/2019\/01\/15\/breaking-crypto-exchange-cryptopia-hacked-police-starts-investigation\/\">security breach<\/a>, hackers made off with a \u201csubstantial\u201d amount of cryptocurrencies, which the hackers began moving to other exchanges in hopes of exchanging the crypto assets for another in an attempt to hide their tracks and eventually cash out the funds. However, keen-eyed social media users began tracking stolen Metal (MTL) on Ethereum\u2019s blockchain and alerted Binance CEO Changpeng Zhao that the funds had landed on Binance, and requested the influential public figure take action.<\/span><\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/wncen.com\/2018\/12\/26\/binance-boss-rounds-up-a-year-in-crypto-looks-forward-to-2019\/\">Binance Boss Rounds Up a Year in Crypto, Looks Forward to 2019<\/a><\/strong><\/em><\/p>\n<p class=\"p1\"><span class=\"s1\">Mere hours later, Zhao <a href=\"https:\/\/twitter.com\/cz_binance\/status\/65368065\" target=\"_blank\" rel=\"noopener noreferrer nofollow\"><span class=\"s2\">responded to the request<\/span><\/a>, assuring the user that his security team at Binance were able to \u201cfreeze some of the funds.\u201d<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">\u201cI don&#8217;t understand why the hackers keep sending to Binance.<span class=\"Apple-converted-space\">\u00a0 <\/span>Social media will be pretty fast to report it, and we will freeze it.<span class=\"Apple-converted-space\">\u00a0 <\/span>It&#8217;s a high risk maneuver for them,\u201d Zhao added.<\/span><\/p>\n<h2 class=\"p1\"><span class=\"s1\">Binance Is Becoming The Keeper of Crypto Security<\/span><\/h2>\n<p class=\"p1\"><span class=\"s1\">While Binance had already earned a reputation for safety and security on its own exchange servers, the firm has since taken a harder stance against cyber criminals targeting crypto assets as whole. Not only was <a href=\"https:\/\/wncen.com\/tag\/binance\/\">Binance<\/a> able to freeze funds related to this recent Cryptopia hack, Binance CEO <a href=\"https:\/\/wncen.com\/tag\/changpeng-zhao\/\">Changpeng Zhao<\/a> has become a sort of hero within the cryptosphere, and took to Twitter to comment on general security in the industry.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Zhao <a href=\"https:\/\/twitter.com\/cz_binance\/status\/08883968\" rel=\"nofollow\">pointed out<\/a> that even storing crypto assets as an individual has its pitfalls and risks associated with it, such as losing your private keys. He further suggested that storing cryptocurrencies on an exchange isn\u2019t the safest option, either. However, if one is going to do so it should only be on the \u201cmost reputable, proven secure, exchanges.\u201d Finally, he seemingly recommended moving to DEX exchange as the safest of options, but later clarified that he had been promoting his firm\u2019s own upcoming <a href=\"https:\/\/wncen.com\/2018\/12\/05\/binance-posts-video-demo-of-its-decentralized-exchange-featuring-binance-chain\/\">DEX exchange<\/a> and to not put too much weight into his &#8220;advertisement&#8221;.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Regardless of his motivations, when Zhao speaks about security, the entire cryptocurrency community has been conditioned to listen intently. His track record of maintaining a secure exchange has been highly publicized.<\/span><\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/wncen.com\/2018\/03\/11\/binance-hacker-bounty-exchange-offers-250k-for-information-leading-to-the-arrests-of-those-responsible-for-last-weeks-attempted-theft\/\">Binance Bounty: $250K Offered For Information Leading to Arrest of Hackers<\/a><\/strong><\/em><\/p>\n<p class=\"p1\"><span class=\"s1\">The young exchange had already become the target of cyber criminals throughout 2018, however, hackers weren\u2019t able to make off with funds of any significance, and in some cases, Zhao claimed that the hackers had even lost some funds in the shuffle.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Binance responded to one hack attempt it had thwarted by launching a \u201c<a href=\"https:\/\/wncen.com\/2018\/07\/05\/eos-iota-litecoin-stellar-lumens-tron-technical-analysis\/\">Secure Asset Fund for Users<\/a>\u201d that would cover customer losses should hackers ever successfully breach Binance\u2019s security, resulting in &#8220;extreme&#8221; losses. The acronym is a play on the popular meme, \u201cfunds are safu.\u201d <\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Binance also created a $10 million <a href=\"https:\/\/wncen.com\/2018\/03\/11\/binance-hacker-bounty-exchange-offers-250k-for-information-leading-to-the-arrests-of-those-responsible-for-last-weeks-attempted-theft\/\">hacker bounty fund<\/a> reserved for \u201cfuture bounty awards against any illegal hacking attempts on Binance.\u201d The bounty\u2019s existence alone could be a deterrent for would-be hackers fearing retaliation from the crypto community.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Binance and Zhao\u2019s track record of responding to all manners of crypto-related security issues, whether on their own exchange or when faced with issues stemming from other exchanges, has rightfully earned Binance the reputation of being the \u201c<a href=\"https:\/\/www.reddit.com\/r\/CryptoCurrency\/comments\/ag7re3\/because_hackers_would_never_dare_attacking_the\/\" rel=\"nofollow\"><span class=\"s2\">keeper<\/span><\/a>\u201d of security and safety across the crypto industry.<\/span><\/p>\n<div class=\"content\">\n<pre>Featured image from Shutterstock.<\/pre>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>This week, the popular crypto exchange Cryptopia suffered the first major security breach of 2019, resulting in \u201csignificant losses\u201d of crypto assets the exchange had stored.\u00a0Following the breach, social media users began tracking the movements of the stolen funds and alerted Binance CEO Changpeng Zhao that the funds had landed on Binance \u2013 the world\u2019s largest cryptocurrency exchange by adjusted volume according to CoinMarketCap. Zhao and his exchange have earned a reputation across the industry as among the most safest and secure exchanges, and were quick to react to the situation by freezing the stolen crypto. Zhao also took to Twitter to speak openly about general security in the cryptocurrency space, further cementing the him and his exchange\u2019s status as the keeper of security in the cryptocurrency industry. Binance Freezes Cryptopia Funds After Reports from Social Media Users Following New Zealand-based Cryptopia\u2019s security breach, hackers made off with a \u201csubstantial\u201d amount of cryptocurrencies, which the hackers began moving to other exchanges in hopes of exchanging the crypto assets for another in an attempt to hide their tracks and eventually cash out the funds. However, keen-eyed social media users began tracking stolen Metal (MTL) on Ethereum\u2019s blockchain and alerted Binance CEO Changpeng Zhao that the funds had landed on Binance, and requested the influential public figure take action. Related Reading | Binance Boss Rounds Up a Year in Crypto, Looks Forward to 2019 Mere hours later, Zhao responded to the request, assuring the user that his security team at Binance were able to \u201cfreeze some of the funds.\u201d \u201cI don&#8217;t understand why the hackers keep sending to Binance.\u00a0 Social media will be pretty fast to report it, and we will freeze it.\u00a0 It&#8217;s a high risk maneuver for them,\u201d Zhao added. Binance Is Becoming The Keeper of Crypto Security While Binance had already earned a reputation for safety and security on its own exchange servers, the firm has since taken a harder stance against cyber criminals targeting crypto assets as whole. Not only was Binance able to freeze funds related to this recent Cryptopia hack, Binance CEO Changpeng Zhao has become a sort of hero within the cryptosphere, and took to Twitter to comment on general security in the industry. Zhao pointed out that even storing crypto assets as an individual has its pitfalls and risks associated with it, such as losing your private keys. He further suggested that storing cryptocurrencies on an exchange isn\u2019t the safest option, either. However, if one is going to do so it should only be on the \u201cmost reputable, proven secure, exchanges.\u201d Finally, he seemingly recommended moving to DEX exchange as the safest of options, but later clarified that he had been promoting his firm\u2019s own upcoming DEX exchange and to not put too much weight into his &#8220;advertisement&#8221;. Regardless of his motivations, when Zhao speaks about security, the entire cryptocurrency community has been conditioned to listen intently. His track record of maintaining a secure exchange has been highly publicized. Related Reading | Binance Bounty: $250K Offered For Information Leading to Arrest of Hackers The young exchange had already become the target of cyber criminals throughout 2018, however, hackers weren\u2019t able to make off with funds of any significance, and in some cases, Zhao claimed that the hackers had even lost some funds in the shuffle. Binance responded to one hack attempt it had thwarted by launching a \u201cSecure Asset Fund for Users\u201d that would cover customer losses should hackers ever successfully breach Binance\u2019s security, resulting in &#8220;extreme&#8221; losses. The acronym is a play on the popular meme, \u201cfunds are safu.\u201d Binance also created a $10 million hacker bounty fund reserved for \u201cfuture bounty awards against any illegal hacking attempts on Binance.\u201d The bounty\u2019s existence alone could be a deterrent for would-be hackers fearing retaliation from the crypto community. Binance and Zhao\u2019s track record of responding to all manners of crypto-related security issues, whether on their own exchange or when faced with issues stemming from other exchanges, has rightfully earned Binance the reputation of being the \u201ckeeper\u201d of security and safety across the crypto industry. Featured image from Shutterstock.<\/p>\n","protected":false},"author":517,"featured_media":368424,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[10768,1273,6664,19680,3810],"class_list":["post-368423","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-binance","tag-changpeng-zhao","tag-crypto","tag-cryptopia","tag-security"],"acf":[],"yoast_head":"\n<title>Crypto Isn&#039;t Criminal Money: Binance Blocks Hacked Exchange Funds<\/title>\n<meta name=\"description\" content=\"Following the Cryptopia breach, social media users began tracking the movements of the stolen crypto to Binance, who quickly froze the stolen funds.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/wncen.com\/news\/crypto-binance-hacked-exchange\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Crypto Isn&#039;t Criminal Money: Binance Blocks Hacked Exchange Funds\" \/>\n<meta property=\"og:description\" content=\"Following the Cryptopia breach, social media users began tracking the movements of the stolen crypto to Binance, who quickly froze the stolen funds.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/wncen.com\/news\/crypto-binance-hacked-exchange\/\" \/>\n<meta property=\"og:site_name\" content=\"NewsBTC\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/newsbtc\" \/>\n<meta property=\"article:published_time\" content=\"2019-01-16T20:00:22+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-03-11T20:38:29+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/01\/crypto-binance-security-shutterstock_580546369.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"594\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Tony &quot;The Bull&quot; 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His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice. In summary, Tony \\\"The Bull\\\" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. 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