Tron CEO Pledges Support For Binance After Hackers Stole 7,000 BTC From The Exchange

2019-5-8 14:54

Binance, the world’s largest crypto exchange by trading volume, has ruffled feathers with bad actors. Just yesterday on May 7, 2019, hackers managed to retrieve numerous API Keys from the exchange and stole 7,000 Bitcoins worth around $40 million.

However, Binance has been known to be a cool exchange with lots of friends, and one of those friends is Tron’s Justin Sun. After news of the hack made crypto headlines, Justin Sun stepped in to express solidarity with the exchange.

Inspire Confidence

In a tweet, Justin promised to deposit 7,000 BTC worth $40 million to Binance. That’s an amount equal to the money stolen by the hackers. Justin said that if allowed by the exchange, he would use the deposited BTC to buy BNB, TRX, and BTT.

To support @binance , I will personally deposit 7000 BTC worth USDT (40 million USDT) into @binance to buy $BNB, $BTC , $TRX & $BTT if @cz_binance agrees. No need to #FUD! Funds are #SAFU!

— Justin Sun (@justinsuntron) May 8, 2019

Justin went on to assure everyone that there should be no need to panic (FUD) as the exchange already had everything under control and that the customers’ funds were safe.

Insurance To Cover Damage

Binance, just like any other serious entity, has contingencies put in place to cover situations such as the reported hack. On July 3rd, 2018, the exchange launched a system called Secure Asset Fund for Users (SAFU). About 10% of trading fees collected by the exchange goes into SAFU. In the event of losses incurred from external factors like hacks, the funds in SAFU are used to cover the customers’ loss.

As such, no Binance customer will lose their money as a result of the reported hack. Binance CEO Changpeng Zhao has confirmed that the funds in SAFU are more than enough to cover the loss in full without any outside help.

“We will cover the loss from the #SAFU fund, there is enough. We are hurt, but not broke.

We are working hard to resolve the issue, so that everyone can deposit and withdrawal again. Will take some time.”

This is after some industry players expressed willingness to help out. Zhao requested anyone willing to donate money to do so through the Binance Charity program.

Deposits And Withdrawals Frozen

After discovering the security breach, the exchange has since moved fast to mitigate the situation. All deposits and withdrawals on Binance will now be suspended for a week as the Binance team investigates the situation. According to an official report released by Binance, only the Bitcoin hot wallet has been affected by the hack, and only about 2% of Binance’s BTC holds were stolen.

The post Tron CEO Pledges Support For Binance After Hackers Stole 7,000 BTC From The Exchange appeared first on ZyCrypto.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Safe Exchange Coin (SAFEX) на Currencies.ru

$ 0.0054306 (-0.25%)
Объем 24H $1.742k
Изменеия 24h: 1.41 %, 7d: -8.63 %
Cегодня L: $0.0053635 - H: $0.0055227
Капитализация $6.099m Rank 99999
Цена в час новости $ 0.0051559 (5.33%)

exchange binance stole hackers tron support btc

Источник: zycrypto.com

exchange binance → Результатов: 126


Binance To Delist These Three Tokens In August Due To Non-Compliance

The world’s largest exchange Binance announced on Tuesday, August 15, intentions to delist three tokens from its trading platform.  According to the exchange’s official statement, it regularly conducts a periodic review of all cryptocurrencies and trading products on its platform, ensuring they are of the highest standards in order to protect its customers’ interests.

2023-8-16 12:30


Binance Terminates German Crypto License Application As European Troubles Continue

Prominent cryptocurrency exchange Binance has canceled its application for a crypto license in Germany as regulatory scrutiny on the exchange intensifies across the continent. According to a report by Reuters, Binance withdrew its crypto custody license application only after the German Federal Financial Supervisory Authority (BaFin) reportedly informed the exchange it would not approve the […]

2023-7-27 06:00


Binance.US to go ‘crypto-only’ as banking partners cut ties

Binance. US announced on June 9 that it would transition to a crypto-only exchange for now. The move comes as its payment and banking partners suspended USD channels due to the Securities and Exchange Commission (SEC) lawsuit against Binance, and related entities, over allegations of breaching securities laws, including operating as an unregistered exchange.

2023-6-9 10:04


Binance Adds 15 New Instant Fiat-to-Crypto Conversions With Simplex Partnership

Trying to corner local markets, the Malta-based crypto exchange Binance has added support for 15 more fiat currencies through the integration with Simplex. Gateways for currencies like the Korean won, the Swiss franc, the Polish zloty, the South African rand and the Australian dollar have been created and made available through the exchange’s fiat-to-crypto trading […]

2020-2-14 19:06


дальше еще 77 новостей →

Партнеры Currencies.ru

Аналог Notcoin - Blum - Играй и зарабатывай Монеты



Реклама на Currencies.ru

Самое свежее на Currencies.ru

TRON’s revenue hits 24-hour high of $3.84m amid SunPump hype

SunPump memecoin hype has seen TRON (TRX) price, volume and revenue surge. Following SunPump’s launch, the 24-hour revenue on TRON spiked to an all-time high of $3. 84 million TRON (TRX) continues to lead the altcoin market’s top cryptocurrencies by market cap after experiencing significant gains over the past 24 hours.