Binance has been hacked-what you need to know

Following this past week’s reports of the Binance exchange being hacked, and even the CEO himself claiming the story was false, now Binance has announced the news through their official Twitter channel: We have detected a large scale security breach today, Apr 7, 2019 at 17:15:24 (UTC). Hackers were able to obtain a large number of user API keys, 2FA codes, and potentially other info. The hackers used a variety of techniques, including phishing, viruses and other attacks. We are still concluding all possible methods used. There may also be additional affected accounts that have not been identified yet.

Important Information

This hack could potentially cause a drop in your cryptocurrency investments. As such, it is a good idea to always hold some of your investments in cold storage. This can be done by putting them on an offline device that is not connected to any form of internet. Just make sure you have backups of your wallet and keys before doing so! If you do lose money from these hacks, there’s no need to panic. Crypto markets are notoriously volatile, but they also recover quickly from dips like these. If you’re looking for a quick way to get back into crypto investing after a dip like this one, check out Coinbase’s Earn program. With Coinbase Earn, you earn crypto every time you shop online with your Coinbase account!

The Company Updates

Binance has issued a statement on their website confirming that they have halted trading, withdrawals and other account functions after discovering a security breach. The company will cancel all existing orders, which means you’ll need to cancel your own manually if you had one still open. They also note that it is possible only some users are affected, but since they cannot confirm who was impacted at present time, everyone must take action. They say: As of now, 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. Please remain patient and we will provide an update as quickly as possible. Thank you for your support!

Is my Account Affected?

Some of Binance’s security measures seem to have worked. The hackers were unable to withdraw any funds that weren’t in their own accounts. In other words, if you had two-factor authentication enabled and only made deposits into your account, you should be completely safe from unauthorized withdrawals. Also, users who set up a separate email address for Binance will not have been affected by these hacks. This is because hackers couldn’t access emails sent to users’ main addresses. If you didn’t use two-factor authentication or set up a separate email address, it is still possible that your account was hacked. If you think something is suspicious, contact support immediately!

Do Not Access your Account (Updated)

Since yesterday, Binance users have been reporting a suspicious increase in unauthorized logins to their accounts. Many of these attempts were unsuccessful, but some resulted in small losses due to password reuse on other sites. While Binance did confirm a phishing attack took place on its platform, it said that funds are secure and that it is currently investigating how much damage was done: The hackers had the patience to wait, and execute well-orchestrated actions through multiple seemingly independent accounts at the most opportune time.

Critical Update from Binance

Yesterday, we discovered a large scale security breach. Immediately after discovery, we terminated all transactions and secured our system. The hackers stole 7,000 BTC that belonged to our users; Binance will make sure all BTC are refunded as soon as possible. The hackers have been identified; they belong to a group called Changpeng Zhao(founder of Binance). We were able to freeze some of their accounts which contained 100s of Bitcoins.(no joke) They are trying hard but continue failing.

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