Binance Restarts Services Pushing BNB Price to 2019 All-Time High

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Binance Restarts Services Pushing BNB Price to 2019 All-Time High
Binance resumes its activities after a forced suspension due to the security reasons. Binance Coin (BNB) price climbs high in reaction to the news.
Binance Restarts Services Pushing BNB Price to 2019 All-Time High

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Source: CoinSpeaker

Binance to face 6-8 hour downtime during impending system upgrade

Over the last seven days, Binance has been in the limelight after questions were raised against the exchange’s “credibility” following the Bitcoin [BTC] hack. Since the 7000 BTC hack, Binance has acted quickly and at press time, Binance had released their third security update over the past week.
It was announced that the exchange would be running a scheduled upgrade which would commence on 15th May, 2019 at 3:00 am [UTC]. The upgrade would likely run for a duration of 6-8 hours.
It was also mentioned that the exchange would suspend deposits, withdrawals, and trading during the system upgrade period. The blog stated,
“Deposits that are not completed before the start of the upgrade will be processed after the upgrade is complete. Please allow some time for deposits to be reflected in your account following the system upgrade.”
Moreover, it was mentioned that after the upgrade, users will be provided with a 30 minute window to cancel orders, process deposits, and withdrawals and use all other account services before trading resumes on the exchange.
Binance has been relatively very active over the past few days to recover from the BTC theft. Following the hack, due to irregular trading, Binance restricted all existing API keys to have trade functionality back in order.
The post Binance to face 6-8 hour downtime during impending system upgrade appeared first on AMBCrypto.
Source: AMB Crypto

Hack? What Hack? Binance Coin (BNB) Leads Crypto Top Ten in Today’s Rally

Evidently, the recent security compromise that affected crypto exchange giant Binance has done little to dampen optimism for the trading venue’s digital currency, Binance Coin (BNB). Almost the entire crypto market has gone parabolic in the kind of fashion not seen since the days of the 2017 bull market but BNB leads the way in terms of 24-hour price increases.
The price of the tokens issued by the exchange initially fell following the announcement of the hack last week. However, following a series of open announcements from Binance, the exchange’s coin is surging back from its brief decline.
How Did Binance Shrug off a $41 million Crypto Hack?
As one of the few crypto exchanges to have issued its own digital currency, observers have a unique insight into public sentiment regarding Binance following its recent costly hack. The security compromise last week saw 7,000 Bitcoin taken in a heist that is reportedly the sixth largest in the history of Bitcoin.
Following such a potentially catastrophic security breach, it would be easy for digital currency traders using Binance’s services to turn their backs on the company, and by extension, its token. However, judging by the current price performance of BNB, there has been no such continued dumping of the crypto asset – quite the opposite in fact.
As mentioned, the exchange’s own crypto is currently leading the last round of price increases. Whilst the majority of the top ten digital currencies are up over the last 24-hours at the time of writing, Binance Coin, according to Coinmarketcap, is up the most at over 16 percent. This compares to Bitcoin’s 12 percent, Ethereum’s more than 7 percent, and Litecoin’s 5 percent.
A lot of the current price performance by Binance Coin is likely down to how open and transparent the Binance team appear to have been regarding the exchange hack. Just days after the breach was first discovered, Changpeng “CZ” Zhao, the trading venue’s CEO and founder, held an Ask-Me-Anything session to try to put customers minds at ease.
The exchange’s staff were even open about their discussions regarding a potential blockchain reorg that would return the stolen Bitcoin. This, understandably, was quickly shot down by many loud voices in the crypto space before eventually being dismissed by CZ too.
The exchange has also kept users updated with fresh information regarding the hack as it becomes available. This has taken the form of a series of blog posts, the latest of which, published yesterday, states that deposits and withdrawals should come back online tomorrow. The exchange is hoping to resume business as usual following necessary downtime in the immediate aftermath of the hack. CZ states in the post:
“Our team is making progress and has been working through the weekend. In the past few days, we have made some significant overhauls to our system, with a large number of advanced security features added and/or completely re-architected. We will share details on some of the changes later.”

#Binance Security Incident Update #3 – @cz_binance https://t.co/9RsBOc95Ky
— Binance (@binance) May 12, 2019

Another fact that differentiates the Binance hack from the many previous examples of such security compromises at crypto exchanges is the fact that this time the affected company had the capital on hand to pay back those impacted by the breach. The firm had been putting away a percentage of its monthly profits in the amusingly named SAFU Fund – the Secure Asset Fund for Users. In fact, Binance did not even take up the many offers of financial help it received following the hack. CZ stated at the time:
“We are hurt but not broke.”
The overall handling of the situation by CZ and the Binance team is likely why such a potentially catastrophic hack has not resulted in a mass exodus from the trading venue and, by extension, the Binance Coin. Not many others in the crypto space could have shrugged off a $41 million breach so casually.
 
Related Reading: Analyst: Strong Possibility Bitcoin Runs Past $8,000 Before a Significant Correction Takes Place
Featured Image from Shutterstock.
The post Hack? What Hack? Binance Coin (BNB) Leads Crypto Top Ten in Today’s Rally appeared first on NewsBTC.
Source: New feedNewsBTC.com

Binance Set to Be Back in Business Starting Tomorrow Already

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Binance Set to Be Back in Business Starting Tomorrow Already
Currently, all withdrawal and deposit actions are marked as ‘Suspend’ and cannot be carried out on Binance. 
Binance Set to Be Back in Business Starting Tomorrow Already

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Source: CoinSpeaker

Bitcoin [BTC] proponent Anthony Pompliano applauds Binance’s CZ for transparency post hack

As chaos ensued following the hack for the world’s largest cryptocurrency exchange, Binance saw the support of many luminaries in the crypto-verse. To repair the damage, well-known personalities of the space extended support. Tron’s Justin Sun had earlier expressed solidarity and offered to deposit 7,000 BTC worth of USDT [40 million USDT] into Binance while security giant John McAfee assured to identify the perpetrators.
From giving a heads up to his followers about delisting Bitcoin SV and other major upcoming updates, Changpeng Zhao aka CZ, the CEO of Binance has been quite active on his official Twitter handle. Notably, in the event of the security breach, CZ did not shy away from responding to questions and kept his followers updated on the status of the exchange, which subsequently garnered significant attention from the community.
Applauding the transparency shown by the CEO, Anthony Pompliano, a popular Bitcoin proponent in the space, tweeted,
“This may not be popular but @cz_binance deserves a lot of credit for how transparently he has handled the Binance hack. Imagine the CEO of a traditional bank or credit card company answering questions live on Twitter hours after a hack. New money, new way of communicating.”
Notably, support flowed in for CZ with users reacting to the above tweet in affirmative. A Twitter user named, Metallicelmo, replied to the original thread,
“Well said, we need more people like CZ in the crypto world. Honesty and transparency will always win”
Besides, Binance pledged to raise its security in the aftermath of the hack and also stated on the blog post that the platform would “significantly revamp” security measures, procedures, and practices. The post, however, clarified that sharing too many security details on the social media platform would “actually weaken their security response strategy”.
The post Bitcoin [BTC] proponent Anthony Pompliano applauds Binance’s CZ for transparency post hack appeared first on AMBCrypto.
Source: AMB Crypto

Crypto-Market Update: BNB Plummeting After Binance Hack As Bitcoin and Alts ETH, LTC, BCH Recuperate

Bitcoin [BTC] which was looking to break down late on Tuesday due to the Binance Hack news seems to be holding its price strongly. Post the update, Bitcoin fell by 2% in about 12 hours, however, as soon as the reassurance from Binance’s CEO, CZ was delivered, the price started to recover.
The price of Bitcoin [BTC] at 11: 45 Hours UTC on 8th May is $5917. It is trading 0.46% (<0.5%) lower on a daily scale.
BTC/USD 4-Hour Chart on Coinbase (TradingView)
Also Read: Binance Hack: CEO Advises Users to Update Security Settings To Safeguard Funds
Why is Binance [BNB] Coin Falling?
Binance [BNB] Coin was the biggest loser in the top ten cryptocurrencies by market capitalization. The price of BNB at 12: 00 Hour UTC on 8th May 2019 is $20.59. It is trading 7.75% lower on a daily scale.
BNB/BTC 4-Hour Chart on Binance (TradingView)
Reportedly, during a previous scam involving SYS coin that occurred in July 2018, Binance offered a rebate in the form of Binance coin.
For all other Binance users, we will offer a 70% rebate on the trading fees received from you (does not include referrals) between 2018/07/05 – 2018/07/14. The rebate will be given in the form of BNB calculated using the closing price on 2018/07/14.
Hence, rumors of a possibility that the #safu Funds under Binance’s internal insurance scheme are allocated in Binance [BNB] Coin have been doing the rounds on Twitter. However, CZ confirmed that in a tweeted that,
Source: Twitter
Also Read Binance Hack Update – Binance Not Pursuing Rollback Approach But Community Remains Shouting
The total market capitalization of the cryptocurrency market dropped slightly by 1.96% on a daily scale. Ethereum [ETH], Litecoin [LTC], Bitcoin Cash [BCH], Cardano’s ADA and Stellar (XLM) plummed by around 3%, the drop can be attributed to the FUD created by the Binance Exchange.
Total Market Capitalization of Cryptocurrencies (CoinMarketCap)
Furthermore, as Bitcoin [BTC] continued to hold above $5850, the market dominance of Bitcoin over the cryptocurrency markets has increased by nearly a percent. The total market dominance of Bitcoin [BTC] at press time is 56.3%.
Do you think a pullback is coming or Bitcoin is getting stronger with time? Please share your views with us. 
The post Crypto-Market Update: BNB Plummeting After Binance Hack As Bitcoin and Alts ETH, LTC, BCH Recuperate appeared first on Coingape.
Source: CoinGape

Tron’s Justin Sun Offers Help to Binance Depositing 7,000 BTC

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Tron’s Justin Sun Offers Help to Binance Depositing 7,000 BTC
After the recent and most unexpected hack of the Binance exchange, in which 7,000 BTC were stolen, Justin Sun has publicly offered to donate 40 mln USDT to support the exchange and buy TRX, BNB, BTT and other coins with that money.
Tron’s Justin Sun Offers Help to Binance Depositing 7,000 BTC

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Source: CoinSpeaker

Binance Hack Update – Binance Not Pursuing Rollback Approach But Community Remains Shouting

With $40 million hacks at crypto exchange Binance, CZ in a recent AMA had indicated his upcoming plans. He stated that Binance team are deciding to pursue rollback on the bitcoin network but he quickly adds his confirmation on Twitter that they’re not considering it.
Crypto community is under the pressure following the unfortunate incident at the most reputed exchange, Binance – this certainly hinders the trust of Binanciers. However, the founder and CEO, CZ is quick to respond to any queries user has on social media Twitter – his planned and excited AMA turned into something that he might have not imagined this time.
Nevertheless, what he said in his AMA hosted at 3:00 UTC on Wednesday about ‘rollback approach’ – will not be continued. Thanks to the discussion with experts. CZ took to Twitter on May 08, (an hour ago to the writing), and released continuous tweets explaining why and how he stopped his plan of regorging-bitcoin-network.
He says that he spoke with various parties including Bitmain co-founder – Jihan Wu, a Bitcoin Core Contributor –Jeremy Rubin, Founder at Summa – James Prestwich, Director of Research at Radar – Brandon Curtis. The discussion made him conclude the decision ‘not to pursue the re-org approach. He adds the reason being considered as follows;
pros:

we could “revenge” the hackers by “moving” the fees to miners;
deter future hacking attempts in the process.
explore the possibility of how bitcoin network would deal with situations like these.

Cons:

we may damage the credibility of BTC,
we may cause a split in both the bitcoin network and community. Both of these damages seems to out-weight $40m revenge.
the hackers did demonstrate certain weak points in our design and user confusion, that was not obvious before.

All that said, this seems an unforgettable lesson for Binance exchange which he concludes by adding ‘it is nevertheless a lesson. It was our responsibility to safeguard user for us.
Crypto Community on Continuous Debate
The sudden attack on Binance occurred on May 07 that resulted into 7074 BTC way out of the exchange noticeably led crypto community shows their anger and shock sentiments – nevertheless, it doubled, even more, when CZ first reveals about reorg approach and closed his AMA. Few such responses involve;
Source: Twitter
Source: Twitter
 
Source: Twitter
Nevertheless, WhalePanda, a famous crypto influencer account on Twitter too shared its insight on the ongoing debate of rollback approach; it added
source: twitter
 
The unfortunate incident of Binance is – it is what it is- today. CZ reassures the whole community that the funds are #SAFU while deposits are being stopped for now and continued adding, his tech team is mentally strong.
Moreover, BitMex exchange compared Binance incident with Bitfinex’s hack which had happened back in 2016. Nevertheless, the rollback approach was also suggested during that time when Bitfinex had suffered a hack of 120,000 BTC – but few potential consequences stood out as the reason why reorg won’t happen.
The process well explained two years ago here – an indication of bfx breach
Source: Twitter
The post Binance Hack Update – Binance Not Pursuing Rollback Approach But Community Remains Shouting appeared first on Coingape.
Source: CoinGape

Binance Becomes Victim of a Hack, Loses $40 Million Worth Bitcoins

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Binance Becomes Victim of a Hack, Loses $40 Million Worth Bitcoins
In a massive security breach, online hackers managed to steal 7000 BTC tokens from Binance’s hot wallets. The exchange announces the recovery of this loss from its SAFU fund.
Binance Becomes Victim of a Hack, Loses $40 Million Worth Bitcoins

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Source: CoinSpeaker

Binance Hack: CEO Advises Users to Update Security Settings To Safeguard Funds

Binance CEO, Changpeng Zhao went live earlier to address the users and the crypto-community about the 7000 Bitcoin [BTC] hack.
He noted that to secure from further attacks the deposits and withdrawals are expected to be suspended for a week. They are conducting a review of the hacking attempt and will roll-out system upgrades soon. Moreover, he also advised the users to perform some security updates to their accounts.
Users Advised to Change Passwords, Update 2FA Code and API Settings
On a more important note, he has advised the users to update a few security settings. The hackers possibly were able to gain access to user passwords, API key, and 2FA codes. Hence, the users have been advised to change their passwords, 2-Factor Authentication ‘secret’ code and also review their API settings. He noted in his address,
“Users must disable and re-enable 2FA… Update their API settings and also create new passwords”
The users must be careful while saving the ‘new secret code’ in a secure location. Moreover, the API (Application Programming Interface) settings include permissions granted through several apps like Facebook and other e-mails accounts, these are used to log-in to different applications. For some popular apps, the update link is Google, Facebook, and Twitter.
He said that the security team is diligently working to release the system upgrades required to secure the Exchange and review the hack completely. Nevertheless, the trading will be active as usual with occasional shut-downs expected for maintenance and incorporating the updates during the week.
The deposits and withdrawals which were suspended as soon the hack was detected could be extended for another week, CZ noted.
Hacker’s Public Addresses Have been Flagged
The hackers performed the heist by sending Bitcoins to multiple addresses. The public addresses of the hackers have been published and shared with other cryptocurrency Exchanges as well. The particular addresses are ‘flagged’ and any transaction out of those Bitcoin wallets can be traced on the Bitcoin ledger. He tweeted,
“Also thanks to Coinbase and many other exchanges (again, can’t list everyone) pledging to block deposits from those addresses. Much appreciated!”
Also Read: Binance Hacked for $40 Million in Bitcoins, CZ Tweeted, ‘Funds are #safu’
On the monetary fund, he noted that the funds are insured under #safu and while ‘they are hurt, they are not broken’. He reaffirmed his team’s ability in handling a high-pressure situation such as this.
He also suggested a roll-back of the transactions was also possible. However, was doubtful of the community’s approval in performing a roll-back on Bitcoin as it ‘destroys the credibility of Bitcoin as an immutable ledger.’
If you have any updates on the stolen fund, please do share with us.  
 
The post Binance Hack: CEO Advises Users to Update Security Settings To Safeguard Funds appeared first on Coingape.
Source: CoinGape