The fact that the Binance digital platform was hacked

Binance digital platform

The fact that the digital platform Binance was hacked, (the largest cryptocurrency hack), is one of the most important news that appeared on social media. Binance customer data has been hacked and stolen. Cryptocurrency platforms have become a target for many hackers. Cryptocurrency exchanges lost nearly $631 million recently. Because it does not have a serial number and is not subject to central banks or governments. But it is dealt with through the Internet.

The fact that the Binance digital platform was hacked

by the CEO of Binance, one of the largest cryptocurrency exchanges around the world, stated. The Binance platform was hacked to steal cryptocurrencies worth $570 million from the Binance blockchain. Which led to the suspension of its activity, to resume again at half past six in the morning.

How the Binance hack happened 

• The Binance platform uses the blockchain, which consists of tools used to transfer digital currencies between different applications of these currencies. It represents an interaction bridge between cryptocurrency applications. An example is if you own bitcoins. And you want to actively participate in Ethereum. The blockchain allows this without selling Bitcoin to buy Ethereum and use it in the activity. 
• The hackers exploited a weakness in the BSC Token HUB, a blockchain bridge that allows customers to transfer tokens from one chain to another. They created additional tokens which led to their hacking. 
• However, most of the stolen assets were frozen by Binance's security team, and a hundred million US dollars remained unrecovered.

Biggest Crypto Hacking 

Previously, the cryptocurrency trading platform Poly Network was hacked and $600 million was stolen. They exploited a vulnerability in this platform that links multiple blockchains and each currency has specific blockchains. Poly Network links these chains together. 

The security systems of the PolyNetwork platform have been hacked, in particular on Polygon Oaks, Ethereum, and Binance Chain accounts. It also called on its customers to avoid any messages containing encrypted codes. 

When hackers stole these funds, they were sent to different cryptocurrency addresses. More than $610 million was transferred to three other titles. Therefore, this theft is the largest in the history of cryptocurrency. However, the prices of these cryptocurrencies were not affected, as they recorded several increases in their market value.

Binance cryptocurrency

Binance is a cryptocurrency trading platform. It was founded by a Chinese programmer called Canadian Shang in 2017. Its previous headquarters are in China and later moved to Japan. 

The exchange is one of the biggest in the world for cryptocurrencies. It has various branches around the world. 

Characteristics:

• Ease of depositing and withdrawing. 
• technical support for its customers. 
• Allows margin trading. 
• It has an effective and significant role in supporting other platforms. 
• High speed in processing operations. 
• Having multiple payment options. 
• Low fees during currency withdrawal.

Why Cryptocurrency Hacking 

Cryptocurrency is easy for hackers. Where they can get huge amounts of money without a hassle. Or negotiate with the hacked company to get a percentage of the money.

At the end of our article, we learned about the fact that the digital platform Binance hacked the largest cryptocurrency hack. Nowadays, mobile phones are a regular part of our life. It is intertwined with digital identity, to be one of our weaknesses. Other than that, cybercriminals keep looking for different ways to exploit these vulnerabilities. It is necessary to be careful and safe at every step.