October 26, 2021

BlogCoinz

Cryptocurrency and Technology

Binance Hacked

Binance was hacked yesterday following what was called unexpected downtime. About an hour later we learned that the site was indeed hacked causing a loss in crypto and followed by marked FUD. CZ has reminded us that the 40 million loss is insured in a way and our funds are SAFU.

Despite the fact that Binance can cover the losses Justin Sun (Tron) has offered to deposit 7000 BTC back into the site through different currencies.


Of course, even though everything was covered, this caused some huge market FUD which most coins saw a 5% loss from. Bitcoin is holding strong but still down about 3% from the day before.

Hacks like this are bound to happen on any centralized server which is why you should never hold funds on an exchange that you are not actively trading.