Binance Hack FUD? – Why now don’t panic should break out

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Binance is currently in an unplanned system maintenance. Thus, no deposits, withdrawals and trading are currently possible. On Twitter CZ, CEO of Binance gives regular Updates to the current Situation. Apparently it is a Problem with the market data. Nevertheless, the votes in the Twitter Community will be louder, that Binance is like another Hack victim.
We look at the current Situation in the Binance and try to bring some light in the Dark.

Contents

Binance is currently at a standstill

Already a few days ago, there were various reports of users that were confronted with problems on the Binance stock exchange. It went to an incorrect representation of the deposits, and that Order were not carried out properly. The course gave enough fodder for FUD.

Today, CZ and Binance unplanned maintenance, have announced that they are working and the stock exchange shut down. Once the trade and A deposits and withdrawals work again, get the users 30 minutes of your Order, so that there are no nasty Surprises.

According to CZ, the Funds are SAFU

The Funds of the users are still safe and have to work with the maintenance-nothing to do. Therefore, it can be assumed there is currently no reason by another Hack. At least if we believe to this date, the statements made by CZ. The fact that the Update takes longer than ‘planned’, increasing the panic of many traders who have their Funds on Binance. At the same time competitors and opponents of Binance fire against the most well known stock exchange.

The last Binance Hack occurred in may 2019, as a Hacker with 7,000 BTC in the then equivalent of 41 million USD, were able to escape. At the time of the SAFU Fund of Binance was used to cover the damages incurred. By SAFU Fund the stock market is hedged to a certain degree. But if there should be a further, larger Hack, then theoretically, the funds from the SAFU Fund may not be sufficient.

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Keep Bitcoin and other crypto currencies on exchanges

Therefore, we strongly recommend that anyone who holds currencies, a large sum in Bitcoin and other Crypto to use a Hardware-Wallet and be Lord over his Kryptos. On centralized Exchanges, the Kryptos are in foreign hands and thus can be a Hack theoretically stolen. Although Binance has of course taken the necessary precautions to stow the bulk of the deposits of the User safe on Cold-Wallets.
According to CZ, the maintenance work is to be completed within the next hour. A guarantee from the CEO, didn’t mean to say but, because there can always be an unexpected additional expense. We will continue to monitor the Situation closely and update as soon as there is more information. Stay tuned
Update #1: The Deposit function has been temporarily switched on again, in order to slowly prepare for the launch, and to check each function on weaknesses.

Update #2: Order can be cancelled once again. The trade will start at 18:30 German time.

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