Rewind: the multibillion hack of Binance prevented

Binance, a prominent digital currency exchange platform, has been hacked last week, but hackers have failed to withdraw funds they almost stole.

On March 7 2018, first messages concerning the hack of Binance, a major cryptocurrency exchange, have appeared in the social media and messengers. Users warned each other about the funds withdrawal pause and exchanged rumors about the alleged hack of the trading mechanism.

Later, it has been confirmed by the exchange management that users who operated with API keys were the main victims of this security incident.

Additional messages by the platform tech support declared that hackers have failed to transfer anything related to their criminal effort due to the defense system of the API designed specifically for cases like this one. All anomalous transactions were simply cancelled and the exchange returned back to normal.

Before this cancellation, hackers managed to get $30 billion dollars in an hour. They bought the vast sums of VIA coin, a cryptocurrency. This temporarily even made this altcoin second after Bitcoin. 

Quite possibly, this reputational disaster was also a reason of the big drop of Bitcoin beyond 10,000 dollars per coin towards $9000.

At the press time, Binance seems to be working well and Bitcoin costs $9,284. Considering that it can drop by several thousand dollars in the nick of time, traders got off quite well. Meanwhile, Binance promises rewards for any clues on who was behind the attack.