For more than 24 hours, Binance, the world's largest cryptocurrency exchange, is down due to a server problem. On February 9, Binance took over the business after successfully restarting its server.
Binance's hacking rumors refuted
John McAfee, security expert and well-known public figure in the cryptocurrency space, continued to controversy around Binance and rumors hacking attacks, showing screenshots that have circulated on various social media platforms.
"I have received dozens of similar sources.I do not say that there was a hack.I just ask for clarification.If hacking occurred and that we do not pursue it immediately, then the chances of recovery will be zero within 24 hours, "said McAfee
Not trying to spread FUD, but I received Dozens of reports like this – I'm just trying to figure it in. As a security researcher, I know that potential hacks are much easier to solve if they are investigated immediately. magnifies the task by orders of manners John McAfee (@officialmcafee) February 8, 2018
In response to the McAfee statement, which referred to a photoshopped image of the Binance website, the CEO of the company, Changpeng Zhao, said:
But you spread the plague, we will prove to you that you are wrong. https://t.co/QTuK6t2ZS3
– CZ (@cz_binance) February 8, 2018
Immediately after McAfee released several statements on the issue, the Binance team with its CEO Changpeng Zhao refuted the rumors, stating that Binance has not been hacked. Binance went as far as transferring funds from his wallet to hot to show that the exchange was not hacked.
The Binance team also encouraged McAfee not to spread false information and provide evidence that the funds are exchanged. safe by publicly showing the cryptocurrency wallet addresses of the exchange.
Blockchain happily provides a public registry that can rebut any FUD.
If you want to check for yourself, our wallet addresses are: 1NDyJtNTjmwk5xPNhjgAMu4HDHigtobu1s
Here you can see that we have clearly not been compromised
– binance (@ binance_2017) February 8, 2018
Zhao added that the exchange has not known to hack, but a problem with his server and the team focused on the recovery of his data to enable trade.
Unfortunately, we will have to focus on restoring our system so that Mr. R. Mcafee can use our system to negotiate ASAP. The maintenance of our users is always the highest priority. Each Binancian is as important as Mr. Mcafee for us. We appreciate their patience and support. https://t.co/iZ4rlvon0t
– CZ (@cz_binance) February 8, 2018
Difference Between Hack and Minor Server Problems
Recently, Many Crypto Exchanges currency and trading platforms were hacked. Coincheck experienced a $ 530 million hacking attack as reported by Cointelegraph and yesterday, the biggest Nano exchange (RaiBlocks) BitGrail experienced a security breach.
The difference between a hacking attack and a minor server problem is anyone can check the movement of the cryptic currencies' crypto currency exchange wallet cryptocurrencies to external portfolios, as seen in the case of Coincheck.
Hours before the Coincheck team admitted a hacking attack, many members of the cryptocurrency community issued evidence that hundreds of millions of dollars of NEMs were moved from the wallet. Coincheck to external portfolios.
Thus, if there is no evidence that large amounts of cryptocurrency are transferred from the portfolios of a cryptocurrency exchange to external portfolios, it is irresponsible to suggest the possibility of a hacking attack.
On February 11, Binan CEO Changpeng Zhao issued a personal statement on the recent Binance server problem and McAfee shares.
"The real assistant was Mr. Mcafee, displaying a patently false image about us being hacked in. Everyone has committed to defend us. He has united the community for us, and has rallied such support at a time when we needed it most, sometimes things that look negative are really positive. "
Cryptocurrency trading has daily trading volumes similar to those of the stock markets in regions like South Korea.The trading platforms deal with billions of dollars daily.As such, during a hacking attack or a security breach, the exchanges cryptocurrency often contact the authorities and cooperate with law enforcement to investigate the attack, as did Coincheck last month. In addition, given the size of most of the main ec cryptocurrency hanges, it is irresponsible to suggest the possibility of hacking attacks or security breaches without tangible evidence.