Binance reserves a complete $1B billion fund against hack attack incidents
Binance exchange is ready to fight against any kind of hacking attack on the exchange with note confident.
Binance is a popular top-level crypto exchange. This exchange is known for its pro-level crypto services to its users. Through past services, exchange proved that exchange is safe over all other exchanges.
On 31 January, Binance exchange shared two wallet addresses at which the exchange reserved funds against any kind of compensation of loss, threat, or attack on its users.
On wallet addresses, shared by exchange, Binance holds a total of 7,952 Bitcoin, 1,036,269 Binance Coins, and 300 million Binance-pegged USD. So the exchange reserved 30% funds in the form of US dollar-pegged stable coin to remain away from any critical situation of impact in the very low price of Bitcoin and Binance Coin.
Binance CEO Changpeng Zhao stated on this achievement of the exchange to hit a 10 digit milestone.
“At Binance we always said ‘funds are safe,’ and today the Binance Secure Asset Fund size acts as an effective safeguard as well as protection for users against such unlikely issues.”
These reserved funds by Binance will give full confidence to the Binance users to use the exchange for crypto-related activities without any tension of hack or threat on the exchange.
Past Hacking on Binance exchange
In 2019, Binance exchange faced a hack attack on its exchange. Hackers drained around $40 million worth of Bitcoins from the account of users. However US-based independent subsidiary of Binance exchange, BinanceUS, never faced any hacking attack.
Recently Centralized exchange Bitmart faced a hacking attack and lost $200 million worth of crypto assets. Even the customers, who faced the effect of the hack are still waiting for a long time to get a refund. Probably it may take more time for the exchange to give refund to its users but this situation is showing that exchange was not ready in advance against such situations.
So in these situations, Binance will help its customers against any kind of threat or security breach or hacking attack.
Read also: Indian government is trying its best to hammer the crypto industry with 30% crypto tax provisions
