Binance hack

Why Binance Hack was Fake Drama by CZ, Let’s Explore the Truth

On 7th May 2019, Binance Claimed, their exchange was hacked by Phishing and hacker moved 7000 BTC from Binance. Now why I feel it was false propaganda created by CZ and maybe his good friend Justin Sun was with him as well. Binance hack is a big story and maybe a mystery now.

Binance is one of the leading crypto exchange in the world, and it’s really tough, if not impossible to hack Binance account and move funds from it. Binance then updated, the hacking was done by Phishing.

It’s very easy to understand if someone has 7000 BTC in his account, in the first case he must be a whale and for sure we will have good security of his account but still, the hacker was so smart that he hacked the account of that whale and transferred the BTC and but Binance didn’t know about it.

In the second case if one account has 7000 BTC, then it must be Binance own wallet, and it’s close to impossible to hack one of the world’s biggest exchange cold or hot wallet.

Binance Hack

The above pic of the hacking transaction.

A person who is a new account holder on Binance, without KYC he can do the transaction of 2 BTC and if you are a level one verified account holder you can do 100 BTC transaction but hacker moved 7000 BTC from this account and Binance didn’t know about it.

The questi0n is how Binance knows that it was a phishing attack because if some have 7000 BTC then for sure he won’t keep his all BTC in an exchange account and let’s assume if he has all the 7000 BTC in his exchange account then he must have enabled the 2FA security. In the case of Phishing, the hacker can get Email ID and password, but the Google authenticator code is valid only for 30 seconds.

Binance also claimed that many accounts were attacked in this hacking and they don’t know the exact number. They closed the deposit and withdrawal services for 7 days but they didn’t stop the trading, if the hacker has hacked many accounts then he can do trading with that funds and no one will know which one is hacker’s account.

After this hacking, his good friend Justin Sun offered to invest 7K BTC worth of USDT, why USDT? Why not BTC? This is something fishy as we all know what is happening with USDT.

After all this drama the main shocking thing came out when CZ said in a live video that we want to rollback the transaction of Blockchain and they will distribute the fee to the miners, I don’t think CZ is the owner of the Blockchain. The main feature and quality of BTC’s Blockchain are, it’s immutable and you can’t change anything once a transaction is completed. I don’t think CZ is the owner of Blockchain and he can do whatever changes he wants in blockchain.

CZ wants to manipulate the Crypto market and If it goes like this, he will be so powerful that he can manipulate crypto and blockchain. We must step out and stand united and help crypto and blockchain to remain decentralized.

Later he realized he is not so powerful so change the blockchain mechanism and hence dropped the idea, but who knows what is cooking inside his mind.

What are your thoughts about this incident, please comment and share your opinion.

Caleb Lombardo
Caleb Lombardo
Caleb is an experienced cryptocurrency analyst, day-trader, and enthusiast. Since 2015, Caleb has been involved in various cryptocurrency projects as an advisor and executive. His passion for cryptocurrency and blockchain technology led him to the acquisition of Stackzea.