It’s certainly been a bumpy ride for $BNB in the cryptocurrency market, but today the coin is one of the most popular on the market. Find out how Binance became a hub for hackers, fraudsters and drug traffickers.
In the world of cryptocurrency, there are few organizations as big as Binance. Founded by a former cybersecurity expert from China, Binance has become a global phenomenon in just four years.
Binance is currently the world’s largest crypto exchange with a 24-hour volume of $1.2 billion — double that of its nearest competitor. The company has almost 10 million users and employs over 400 people across its offices in Hong Kong, Japan, Malta, Taiwan and Jersey (Channel Islands).
The company’s success comes at a cost: In May 2019, it was hacked for $40 million worth of Bitcoin (BTC) by an unknown attacker who used a phishing scam to gain access to its users’ wallets. The theft resulted in Binance temporarily shutting down withdrawals while it investigated the breach and upgraded its security systems to prevent future attacks.
The hack highlighted one of the biggest problems facing the crypto industry today — how easy it is for criminals to exploit exchanges like Binance to steal millions from unsuspecting investors.
Binance’s dirty little secret
Binance’s success has made it an attractive target for hackers looking for easy money. They’re not just after your crypto funds — they want your personal information too!