Binance Reopens Trading, Despite Incomplete Fund Recovery As Hackers Look To Sel

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Binance Reopens Trading, Despite Incomplete Fund Recovery As Hackers Look To Sell Discounted BTC

he cryptocurrency community bonds together in times of trouble, and that has been proven once again with Binance. Though the platform has succumbed to an unfortunate hacking, multiple players of the industry have spoke out about their support and willingness to help. What will Binance do next?



Binance Reopens Trading, Despite Fund Recovery Being Incomplete
-Binance has reopened trading for their platform, following a massive hack almost two weeks ago.
-Reddit user suggests that the BTC is being sold at a 70% discount on another website.

The recent hacking of the Binance platform on May 7th has been highly publicized, as the hackers managed to get away with 7,000 BTC. In total, the theft was worth about $40 million, and CEO Changpeng Zhao was proactive about handling the issues that the platform faced. The company quickly shut down deposits and withdrawals on the exchange while they went through an investigation.

By May 16th, the platform reopened these processes, though the company still has not recovered the funds.

In the meantime, it looks like attacks against Binance has not stopped. A user on Reddit spoke out on the r/Cryptocurrency subreddit, saying that the team that committed the theft was now selling the BTC at a 70% discount.

more complete: https://bitcoinexchangeguide.com/binance-reopens-trading-despite-incomplete-fund-recovery-as-hackers-look-to-sell-discounted-btc/

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They reassured  clients that everyone will be fully compensated through an emergency fund. “We will cover all the funds ourselves, all the user funds are OK”, Binance CEO Changpeng said earlier is a statement.

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