Binance was the talk of the crypto community following the hack which led to a loss of $41 million accumulated from a hole 7,000 Bitcoin in its hot wallet. The attack is said to be the sixth largest in Bitcoin’s history and has left Binance and its users reeling at the news.
The attack which took place a week ago made the company suspend all deposit and withdrawal services. They will reopen them again on Tuesday the 14th. The stolen BTC was distributed in several wallets as shown below.
The aftermath of the event had turned the unfortunate incident into a nightmare for Binance and their BNB token. Their coin dropped rapidly in terms of price, falling to as low as $18.47 USD.
Despite the dire situation, Binance, through its CEO, Changpeng Zhao (CZ) concentrated on the positive side and claimed the attack might make the company stronger.
“We will continue to fight for all of us, the community, against hackers and people with ill intentions. I believe this incident, while damaging us now, will actually make us far stronger and more secure in the long run,” Zhao said.
Binance rising from the ashes
And it would appear that his words of comfort have rung true. In the past 24 hours BNB, according to Coinmarketcap, is up over 14 percent. This higher compared to Bitcoin’s 12 percent, Ethereum’s more than 7 percent, and Litecoin’s 5 percent.
Clearly, the crypto community is sticking with Binance despite the huge scale of the attack. This must be down to how well the company has handled the situation. Those affected by the attack were paid back from Binance’s SAFU Fund – the Secure Asset Fund for Users.
CZ also released a string of updates about the security measures which will be implemented to prevent a re-occurrence. This transparency and willingness to secure their users have kept the trust between Binance and the community. However, the CEO said that they would be tight-lipped on the specifics of the security patch.