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Binance Hack: CZ is considering reorging Bitcoin network to recover stolen funds from Binance

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Breaking: CZ is carefully considering regorging Bitcoin network to recover stolen funds
Source: Unsplash

CZ, in an AMA, mentioned that the hackers were very patient and waited until they had access to wallets that had large funds accounts/wallet and then executed the hack, which caused the loss of 7,000 BTC.

In response to the above, CZ said, “our main effort is to rebuild and recover the system, eradicate trace of hackers on all of our data… it will take about a week. ”

When asked about the Reorg idea suggested by the community to recover the stolen funds CZ stated:

“We can do rollback [reorg] on Bitcoin network in the next few days. We can do this, but it may have negative consequences/impact on BTC network and might destroy credibility of the network… We will maintain high transparency and will take the idea of reorg seriously”

In addition, CZ mentioned that the trading will not be affected as of now, but:



“There will be a few system upgrade during this week and there may be a time when we have to halt trading for a little while to makie changes in our core systems.”

He also advised people to change their API keys and change 2FA and re-enable it. CZ also added that they still need to figure out the extent to which the users might have been affected and said that they will be transparent about it keep the community updated.

Update: After weighing the pros and cons, Binance’s CZ announced that the Bitcoin network will not be reorged after all





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Akash is your usual Mechie with an unusual interest in cryptos and day trading, ergo, a full-time journalist at AMBCrypto. Holds XRP due to peer pressure but otherwise found day trading with what little capital that he owns.

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Binance Coin [BNB] registers ATH as it surges by over 16,000% since inception

Namrata Shukla

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Binance coin [BNB] registers ATH as it surges by over 16,000% since inception
Source: Pixabay

The cryptocurrency market continued to register massive growth, as the prices of most major cryptocurrencies soared. However, the late entrant to the list, Binance Coin [BNB] is posing to be tough competition for other coins in terms of performance. BNB which entered the crypto market in July 2017, breached its all-time high and was trading at $28.79, at press time.

Source: Trading view

Source: Trading view

Binance Coin started out in July 2017 with a value of $0.1927 and marked its all-time high on May 18 at $31.91, according to the Trading View chart of the coin on Binance. BNB noted the growth of a massive 16,458.31% since 2017. However, until the beginning of 2019, BNB was valued at $6.59, after which the coin noted a surge by 384.15% and peaked at $31.



Source: CoinMarketCap

Source: CoinMarketCap

In the month of May, BNB noted a 28.16% growth, and the coin was valued at $28.66, with a market cap of $4.04 billion. The 24-hour trade volume of the coin was reported to be $551 million as it spiked by over 10% in a day. In the past seven days, the coin grew by 35.97%, but slipped by a minimal 0.25% in an hour.

BNB was highly traded on its native exchange, Binance via the BNB/BTC and BNB/USDT pairs. The BNB/BTC trading volume noted on Binance was $140 million, while the volume reported on the BNB/USDT pair was $132 million. The third place was taken by BKEX via the BNB/USDT pair as it registered a trading volume of $72 million.





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