Blog entry by Betty Pilgrim
US regulators suing crypto platforms Coinbase and Binance, along with last year's collapse of FTX, have sparked concerns over consumer protection related to crypto assets such as bitcoin and ether. In a series of investigations last year, Reuters reported that Binance intentionally kept weak anti-money laundering controls. Binance Coin Price (BNB) is currently worth $284.46, down 3.60% in the last 24 hours, according to CoinMarketCap, the most-referenced price-tracking website for cryptocurrency assets. At 6:19 PM EST, Binance acknowledged the security breach and froze the BNB Smart Chain while they looked into it. In total, hackers drained 2 million BNB tokens - about $570 million at current prices - from the network, Binance’s BNB Chain said in a blog post on Friday. The majority of the stolen money is still contained on the BNB Smart Chain and is therefore no longer available to the hacker, but according to Binance, between $70 million and $80 million were taken off-chain.
Cryptocurrency exchange Binance temporarily suspended its blockchain network after hackers made off with around $570 million worth of its BNB token. The hack was caused by a bug in the bridge’s smart contract that allowed hackers to forge transactions and send money back to their crypto wallet, according to crypto security firm Immunefi. Depending on the particular seller, they might want to see an actual image of the gift code from the back of the card along with a receipt from the shop where it had been purchased, while some will be OK with just an internet or e-code. Since then it has struggled to stay above 9k and at the time of writing it has fallen back to 6k. Bitcoin now stands at 7k with a market capitalization of $1.5 billion, compared with a peak of more than $2 billion a year ago. Since 2017, Binance has processed over $10 billion in payments for criminals and companies seeking to evade US sanctions. The crypto exchange will be changing the provider for euro deposits and withdrawals through the Single Euro Payments Area (SEPA), while the current partner - Paysafe - will no longer be providing these services to Binance users, the report said.
The move comes amid renewed regulatory scrutiny at the world's largest cryptocurrency exchange and will help cushion some of the fallout from recent blows, including Binance being sued by the US Securities and Exchange Commission. The reported investigation follows various setbacks for Binance including a June 5 decision by the US Securities and Exchange Commission (SEC) to charge the company with evading securities laws. The lawsuit was filed in Manhattan federal court, one day after the SEC sued Binance, the world's largest cryptocurrency exchange, and its founder Changpeng Zhao. So-called cross-chain bridges are tools that allow the transfer of tokens from one blockchain to another. Binance doesn't specify fees based on the withdrawal method, rather, the fees are based on the altcoins you're withdrawing. That includes buying and selling, depositing and withdrawing funds, m.blog.naver.com and tracking the performance of your investments. It must be reminded that only a few portals can be relied upon as there have been a number of scandals in the Bitcoin industry where investors lost a lot of their investments. There were times, it recorded a price fall of about a whopping 30% and some other times, a lot more.
If you’re an existing Binance user, you should know more clearly than anyone about the anxiety of not being able to access your account. But what they may not know is that even though Binance promotes Google Authenticator, the Authy 2FA app can be used instead. Binance’s contracts are perpetual contracts, which means they don’t have an expiration date and can theoretically be held indefinitely. Bitcoin exchange scripts are specially coded web applications which is to build a bitcoin exchange business portal. That’s why a high-quality, commercial VPN is required before utilizing the Tor browser and the deep web. Look for a VPN provider with a strict no-logging policy. At Binance, we look for amicable solutions to all problems. Update, August 6, 2015: Acquired by ChicagoVPS, but reports of problems with the service and support remain. SegWit was subsequently activated on the network on 24 August 2017. The bitcoin price rose almost 50% in the week following SegWit's approval.