Home / Binance / Cause for concern as a security warning has been issued against Binance (BNB).

Cause for concern as a security warning has been issued against Binance (BNB).

The cryptocurrency market is very vulnerable to hacks and as a result, the digital coins lose a lot of market value. The crypto world is quite concerned with the issue and working really hard towards solving the problem. The world’s largest cryptocurrency exchange by trading volume has warned users it’s investigating an alleged leak of verification data.

The alleged security hack can affect upto 60,000 individuals who sent their identification information to Binance (BNB) over the last year as reported by CoinDesk. According to Binance (BNB), the hacker has claimed to possess 10,000 images of users.

The Bitcoin and cryptocurrency exchange has alleged that the hacker has blackmailed demanding 300 Bitcoins (BTC) worth around $3.5 million as of now. Changpeng Zhao, a Chinese-Canadian business executive, founder and CEO of Binance (BNB) has said that the hacks are an attempt to downplay the crypto market and damage the reputation of Binance (BNB) and other crypto businesses.

The leaked data is being circulated on Telegram, a social media messaging app and regarding this Changpeng Zhao, a Chinese-Canadian business executive, founder and CEO of Binance (BNB), has said that the “by joining or spreading the link of the Telegram group, you are helping malicious hackers (at least giving attention). What we should do as an industry is to fight them. Stay on the positive side. Report the group, then leave.”

Binance (BNB) in an attempt to solve the matter and come up with the solution has offered an award of 250 bitcoins (BTC) amounting to around $2.5 million as of now at current trading rates.

However, the Binance coin(BNB) is intact in the market. The news of hacking and the alleged hacking has not much hampered the coin whose position is quite solid as of now. Binance coin (BNB) is trading at $30.14 as of writing this article against the United States Dollar (USD). The market cap is $4,687,407,924 United States Dollar (USD) and the 24 hours trading volume is $349,594,817 United States Dollar (USD).

About Ritika Sharma

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Ritika Kumari Sharma is an Economics Honors graduate from the University of Calcutta. She is completely into finance and believes that cryptocurrencies are the future. She is an enthusiast learner about the cryptocurrency and blockchain technology.

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