Binance Got Hacked And The Price Reflected It
Binance is the 3rd largest platform when it comes to the BTC/USDT trading pair with a volume of $507,161,000 in the last 24h. It accounts for roughly 5% of the BTC/USDT trade volume globally per day based on the exchanges and coins tracked by www.coinmarketcap.com ( https://coinmarketcap.com/currencies/bitcoin/#markets ).
Binance getting hacked is a huge blow to the confidence of the cryptocurrency community. Lately there has been and overall presence of bad news about scams, hacks, regulation fear, government intervention and so on. Most investors want to see the price of the coin rise and today does not help that cause.
We have seen a small amount of the price recovery but there is no telling what might happen in the next 12 hours. I hope most of us are ok and didn't lose large amounts. It's a never ending risk in crypto and until you have the USD in your hand it's never truly there. Be careful and stay safe.
Forbes article - https://www.forbes.com/sites/jessedamiani/2018/03/07/crypto-market-drops-amid-rumors-of-binance-hack/
Nothing happened to my funds, everything looks normal on Binance on my account. I'm confused. I'm going to go watch @IvanonTech I bet he has some insight into what really happened.
Yeah, I saw that. Sure explains why STEEM got whacked too, as Binance has the highest volume for it.
Good points made @skyefox. Crypto has a rough road ahead for sure. Between the FUD, Criminal Hackers, and Government/Multinational Crime Syndicates, we believers have to have nerv s Of Steel. I posted about my experience today with Binance, as I was on hand, trading and attempting to withdraw my Steem when the incident occurred. If you get a chance check out my post about it. Thanks, I upvoted, followed, and resteemed you. 👍
I wonder how many accounts were phished on people's bank or debit cards today? Or how many counterfeit bills the US govt printed today?
This phishing episode isn't even news in the grand scheme.