One of the largest cryptocurrency exchanges in the world, Binance, has suffered a major security breach yesterday, where hackers got away with around 7,000 BTC. The Binance Bitcoin scam was confirmed via a statement shared with many best cryptocurrency news sites on May 7.
According to Binance, the hackers used a lot of tactics such as phishing and viruses to get away with a lot of 2FA codes and API keys as well as other information. As the exchange stated, there was one affected transaction where hackers managed to steal 7,000 Bitcoins (BTC) worth around $40 million right now. The Binance Bitcoin scam was confirmed in a letter on the official website.
In the letter, the CEO of the exchange Changpeng Zhao (CZ) spoke to the public, stating that the Bitcoin were withdrawn from the hot wallets of the company – containing only 2% of the exchange’s total Bitcoin holdings. As Zhao said, the Binance Bitcoin scam did not affect other wallets.
As the latest cryptocurrency news show, Binance is suspending all of the deposits and withdrawals. In the meantime, the exchange will conduct a security review to investigate the Binance Bitcoin scam completely, review its systems and do all the work needed to prevent such things from happening again in the future. Trading BTC on the exchange will be active and the traders will be able to adjust their positions accordingly.
Zhao has talked about the Binance Bitcoin scam objectively and preventatively, stating:
“Please also understand that the hackers may still control certain user accounts and may use those to influence prices in the meantime. We will monitor the situation closely. But we believe with withdrawals disabled, there isn’t much incentive for hackers to influence markets.”
Right now, Zhao believes that the Bitcoin scam won’t have a big incentive to influence markets. As he added, he is working on conducting a Twitter AMA to field questions from the community.
The Binance Bitcoin scam has triggered the exchange to use a Secure Asset Fund for Users (SAFU) which will help and cover the incident. The altcoin news show that there is no risk for other altcoins to be stolen. As a reminder, Binance created the fund in July 2018 as a type of emergency insurance for cases like these.
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Firefox Quantum Browser Adopts New Anti Cryptojacking Features
"Today’s new Firefox release continues to bring fast and private together right at the crossroads of performance and security. It includes improvements that continue to keep Firefox fast while giving you more control and assurance through new features that your personal information is safe while you’re online with us," the Firefox Quantum release notes.Previously, Mozilla warned its audience that websites can deploy scripts that may launch a crypto miner on any user's machine - even without them being aware. This practice is known as cryptojacking in the world of cryptocurrency. In order to combat these practices, the Firefox Quantum was developed as a product of partnership between Mozilla and the online privacy company Disconnect. The crypto mining blocker was created to block people on their browser. As of now, users can toggle an opt-in feature that would block would-be cryptojackers from taking advantage of spare computing power and mining cryptocurrencies. Users can take a look and see how much faster Firefox is today at the following video, which went viral on many best cryptocurrency news sites because of the anti-cryptojacking features. https://www.youtube.com/watch?v=NzqJ09_cn28 In August 2018, Firefox featured cryptojacking protection - to later update them in its Nightly 68 and Beta 67 versions which emerged this April, just before the launch of the Firefox Quantum browser. The open-source Quantum also aims to mitigate the practices of so-called "fingerprinting" which makes a sort of a digital fingerprint of a user that is employed in order to monitor their activities on the Internet. In another report published in the altcoin news on April 23 by the cybersecurity company MalwareBytes, cryptojacking was called "essentially extinct" and:
“Marked by the popular drive-by mining company CoinHive shutting down operations in early March, consumer cryptomining seems to have gone the way of the dodo. Detections of consumer-focused bitcoin miners have dropped significantly over the last year and even from last quarter, while business-focused miners have increased from the previous quarter, especially in the APAC region.”So, the steps that Mozilla took in its Firefox Quantum definitely ramp up the browsing experience from a crypto perspective.
Crypto And Forex Scams Got Away With $34 Million In 2018: UK Report
“Scammers can be very convincing so always do your own research into any firm you are considering investing with, to make sure that they are the real deal.”The report is a viral topic in the latest cryptocurrency news - mostly because the FCA stated that scammers use social media to find potential investors. According to the regulator, crypto and forex scams like these often use pictures of celebrities with fake endorsements alongside images of luxury goods such as cars and watches. In 2018, the initial coin offering (ICOs) advisory firm Statis Group released a study in which it found that more than 80% of ICOs in 2017 were scams. The associated losses for that year, as the study showed, totaled around $1.34 billion. In the latest altcoin news, we can also see that new evidence surfaced, suggesting that purported Bitcoin (BTC) exchange Goxtrade is a Bitcoin scam. As the evidence shows, Goxtrade reportedly used the real names and photos of unaffiliated parties including the blockchain figure Amber Baldet to fill their website staff page and its absent from the UK's registry of companies and businesses. All in all, the number of crypto and forex scams is increasing and there must be certain regulation to prevent these billions which are lost on a yearly basis.
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