• Markets
  • Crypto
  • Web3
  • Culture
  • Opinion
  • Politics
Subscribe
  • Login
  • Register
No Result
View All Result
  • Markets
  • Crypto
  • Web3
  • Culture
  • Opinion
  • Politics
No Result
View All Result
No Result
View All Result

Changpeng Zhao Traps the Binance Hackers in a First For a Crypto Exchange

08/03/2018 11:30
5 comments

March the 7th 2018 was one of the busiest day of the year in crypto. More so in an exchange that has taken this space by storm, rising from nothing to now the biggest.

Between 14:58-14:59 London time, “the VIA/BTC market experienced abnormal trading activity,” Binance said, before describing a sophisticated attempt to cause chaos.

Hackers had gathered numerous logging details through phishing by using site names that can hardly be discerned as different than the official site:

That two dots Binance would cunningly redirect cryptonians to the official site between January and February. After, of course, it had gathered the logging details. So keeping it all subtle and unnoticeable.

Then, the hackers created trading APIs for each account and decided yesterday, when news was flying everywhere, to use those API keys and place a large number of market buys on VIA/BTC, increasing Via’s price by some 1,000%, while 31 pre-deposited accounts were there selling VIA at the top.

It’s what happened next that might make a name for both Zhao and Binance as a force to be reckoned with. Here, we’ll let them speak:

“Our automatic risk management system was triggered, and all withdrawals were halted immediately… Withdrawal requests were attempted from these accounts immediately afterwards… none of the withdrawals successfully went out.

Additionally, the VIA coins deposited by the hackers were also frozen. Not only did the hacker not steal any coins out, their own coins have also been withheld.

After a thorough security check by Binance, we resumed withdrawals.”

Zhao is somewhat well known within crypto circles. He was the third employee of Blockchain.info, then CTO at OKCoin. While previously he had coded high-frequency trading systems for Wall Street’s flash boys.

That makes Binance very fast, and after the events of yesterday we’d think very secure, for hackers must be thinking more than twice before trying to hack another hacker.

 

Related Posts

Paul Grewal, Coinbase's Chief Legal Officer

We Asked SEC to Register, They Sent Us a Wells Notice Says Coinbase

Bitcoin and asset prices dive, March 2023

Bitcoin and Stocks Dip on Fed Hikes, But is it a Fakeout?

SEC Charges Tron’s Justin Sun

Expect a Pause Says Powell

Load More
  • Trending
  • Comments
  • Latest
Arbitrum abstract

Only 30% of Arbitrum Users Receive Airdrop

Paul Grewal, Coinbase's Chief Legal Officer

We Asked SEC to Register, They Sent Us a Wells Notice Says Coinbase

Bitcoin and asset prices dive, March 2023

Bitcoin and Stocks Dip on Fed Hikes, But is it a Fakeout?

NY District Court

XRP Hypes Ahead of Court Decision

Paul Grewal, Coinbase's Chief Legal Officer

We Asked SEC to Register, They Sent Us a Wells Notice Says Coinbase

Bitcoin and asset prices dive, March 2023

Bitcoin and Stocks Dip on Fed Hikes, But is it a Fakeout?

Justin Sun

SEC Charges Tron’s Justin Sun

Powell, March 2023

Expect a Pause Says Powell

Comments

Latest News

  • We Asked SEC to Register, They Sent Us a Wells Notice Says Coinbase
  • Bitcoin and Stocks Dip on Fed Hikes, But is it a Fakeout?
  • SEC Charges Tron’s Justin Sun

About Trustnodes

Terms of Service

Privacy Policy

Our Ethics and Values

Trustnodes Newsletter

(You have to be a paid subscriber)

Trustnodes © 2017-2023. All Rights Fully Reserved. For any Enquiries contact@trustnodes.com RSS Feed

No Result
View All Result
  • Login
  • Sign Up
  • Cart
  • Markets
  • Crypto
  • Web3
  • Culture
  • Opinion
  • Politics

Trustnodes © 2017-2023. All Rights Fully Reserved. For any Enquiries contact@trustnodes.com RSS Feed

Welcome Back!

Login to your account below

Authenticate with MetaMask Loading...

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

*By registering into our website, you agree to the Terms & Conditions and Privacy Policy.
All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?