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Bruce Wampler CryptoNews: Binance Vs

Sunday, February 11, 2018

Binance Vs. McAfee: Hack Rumors Controversy

Binance resumed trading after successfully rebooting its server. Its CEO refuted hacking rumors and confirmed pics released by McAfee were fake.

For more than 24 hours, Binance, the world’s largest cryptocurrency exchange, wasgoed down due to a server kwestie on Feb. 7. On Feb. 9, Binance resumed trading after successfully rebooting its server.

Binance hack rumors refuted

John McAfee, a security accomplished and a well-known public figure te the cryptocurrency space, continued to fuel controversy around Binance and rumors of hacking attacks, displaying screenshots that circulated on various social media platforms.

“I received dozens similar from a multitude of sources. I’m not telling there wasgoed a hack. I’m merely asking for clarification. If a hack did toebijten and wij are not instantly pursuing it, then the chances of recovery go to zero within 24 hours,” McAfee stated.

Not attempting to spread FUD, but I have received dozens of reports like this one. I’m just attempting to understand. Spil a security researcher, I know that potential hacks are far more effortless to solve if investigated instantaneously. Days zometeen magnifies the task by orders of manitude.

Te response to McAfee’s statement, which referenced a photoshopped photo of the Binance webstek, the company’s CEO Changpeng Zhao stated:

But you are spreading fud. Wij will prove you wrong.

Instantly after McAfee released several statements on the kwestie, the Binance team along with its CEO Changpeng Zhao refuted the rumors, stating that Binance wasgoed not hacked. Binance went spil far spil to transfer funds from its cold wallet to hot wallet to voorstelling that the exchange wasgoed not hacked.

The Binance team also encouraged McAfee not to spread false information and provided evidence that funds on the exchange are safe by publicly showcasing the cryptocurrency wallet addresses of the exchange.

Blockchain gratefully provides a public ledger that can disprove any FUD.

If you would like to check for yourself, our wallet addresses are: 1NDyJtNTjmwk5xPNhjgAMu4HDHigtobu1s

Zhao added that the exchange did not practice a hack, but an kwestie with its server and the team focused on recovering its gegevens to enable trading.

Unluckily, wij will have to concentrate on restoring our system so that Mr. Mcafee can use our system to trade ASAP. Servicing our users is always the highest priority. Every Binancian is spil significant spil Mr. Mcafee to us. Wij appreciate their patience and strong support.

Difference inbetween hack and minor server issues

Recently, many cryptocurrency exchanges and trading platforms were hacked. Coincheck experienced a $530 mln hacking attack spil reported by Cointelegraph and yesterday, the largest Nano (RaiBlocks) exchange BitGrail experienced a security breach.

The difference inbetween a hacking attack and a minor server punt is that with security breaches, anyone can verify the movement of absurdly large amounts of cryptocurrencies from the cryptocurrency exchange’s wallets to outward wallets, spil seen ter the case of Coincheck.

Hours before the Coincheck team admitted to a hacking attack, many members of the cryptocurrency community released evidence that hundreds of millions of dollars worth of NEM were moved from the wallet of Coincheck to outward wallets.

Thus, if there is no evidence that large sums of funds ter cryptocurrencies are transferred from the wallets of a cryptocurrency exchange to outer wallets, it is irresponsible to suggest the possibility of a hacking attack.

On Feb. 11, Binance CEO Changpeng Zhao released a individual statement on the latest Binance server punt and the deeds of McAfee.

“The real helper wasgoed Mr. Mcafee, posting an obviously fake pic about us being hacked. Everyone pitched ter to help defend us. He united the community for us, and rallied such support, during a time when wij needed it the most. Sometimes, things that look negative are actually positive.”

Cryptocurrency exchanges have similar daily trading volumes spil stock markets te regions like South Korea. Trading platforms process billions of dollars on a daily ondergrond. Spil such, upon the occurrence of a hacking attack or a security breach, cryptocurrency exchanges often voeling the authorities and cooperate with law enforcement to investigate the attack, spil Coincheck did last month. Also, given the size of most major cryptocurrency exchanges, it is irresponsible to suggest the possibility of hacking attacks or security breaches without hard evidence.

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