Binance being hacked is the talk of the cryptocurrency world
As you may know, some customers’ #Binance accounts were compromised and 7000 $BTC were stolen. CZ, founder of Binance, says the loss will be covered by their #SAFU funds. He also indicated that the breach was not due to Binance being hacked. CZ says it was due to phishing and other low level social hacking methods.
What is Phishing?
Phishing is the fraudulent attempt to obtain sensitive information such as usernames, passwords, cryptocurrency private keys and credit card details by disguising oneself as a trustworthy entity in an electronic communication.
What Now for Binance Being Hacked?
Binance is currently performing triage on their security systems which will take about a week or so. CZ says that it really wasn’t a hack. He says the culprits managed to get API keys, 2FA keys, and passwords via phishing or other methods.
I love the support the community is exhibiting.
Justin Sun, Founder and CEO of Tron Foundation tweeted his support and respect for Binance founder and CEO, Changpeng Zhao affectionately known as CZ.
Justin Sun announced he will deposit 7000 BTC into Binance which is worth about $40million.
I hear that CZ is talking about rolling back BTC. Come on now, CZ! Don’t open up that can of worms. If he does, the twitter fights will reign. We’ll see…
How To Protect Your Cryptocurrency
Well first of all, there is absolutely no reason why anyone should store cryptocurrency in an exchange. The main reason is because of the potential for hackers to disrupt is always lurking. Secondly, you do not own the private keys of your exchange wallets. The exchange owns them. Thus you are at their mercy.
What are storage options?
- mobile wallets
- desktop wallets
- hardware wallets
I have discussed these options on more than one occasion, Here are some archives.
I will write an updated article soon.
REMEMBER THIS AGAIN: NEVER CLICK ON AN EMAIL LINK CLAIMING YOU NEED TO LOG IN AND CHANGE YOUR ACCOUNT.
You click the phisher’s email link. It takes you to a site that appears to look like Binance or any other exchange or even Chase Bank! I get those emails often.
If you want to find out if you need to reset something in your backoffice of a financial website, just go to your browsser and TYPE the website address in your browser. In that way you are SURE you are on the correct website rather than the ‘phishing’ fake website.
NEVER GIVE YOUR PRIVATE KEYS, 2FA KEYS, PASSWORDS TO ANYONE EVER!
I see inexperienced customers dropping their private keys in telegram and twitter. It just amazes me. STOP IT!
I have also seen scandalous scammers contact individuals in telegram and discord channels to private message them. They pretend to be the administrator or support staff of a crypto-related channel. They ask the unwitting member to share their screen and ask them to issue highly technical commands on their computer. Shucks! They even ask for the private key and individuals willingly give it to them!
Why are you trusting strange people on the internet? STOP IT!
With freedom comes RESPONSIBILITY! Be responsible.
What do you think of Binance Being hacked ?
What do you think about individuals’ security online?