Did the Binance Hack Cause Bitcoin to Crash? Bitcoin is being pressed by forces from every direction.

We published yesterday a live report on an attack on Binance, the biggest cryptocurrency exchange in the world.

Learn how to buy Bitcoin and Ethereum safely with our simple guide!

The incident took place over the span of only two minutes, according to the official incident report, but that was enough to make serious waves in the cryptocurrency market. It also likely contributed to the crash in the price of Bitcoin that we saw last night.

In the incident report, which was released very shortly after the attack, Binance said: “All funds are safe and no funds have been stolen.”

The exchange explains that the attack was sophisticated, and actually began in January. The hacker(s) were patient, spending time collecting user account credentials by imitating the official Binance logo (phishing) and creating an API key for each collected. API stands for application programming interface – it is by using this that one programme recognises another.


Leave a Reply

Please log in using one of these methods to post your comment:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.

%d bloggers like this: