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Post hack, Binance Academy issues report cautioning users of cyber crime via mobile devices

Biraajmaan Tamuly

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Binance: Binance Academy releases blog to alert users regarding cyber crime post recent hack
Source: Pixabay

Since the inception of cryptocurrency and Bitcoin [BTC], the ecosystem of virtual assets has witnessed major highs and lows. However, like everything, the world of cryptocurrencies also has its drawbacks. The market surge of 2015 and 2017, which brought the attention of the world to digital currencies, also attracted the attention of cyber-criminals.

The cryptospace is laced with risk and instability, and their relatively anonymous characteristics make them a lucrative target for online hackers and lawbreakers.

Recently, Binance, one of the most active platforms of 2019, witnessed a major security breach which ended up costing the exchange 7,000 BTC, worth $41 million.

The hack hardly affected the prices of BTC, but mildly affecting the price of BNB. However, the fact that the hack also included the theft of a large number of API keys, 2FA codes, and other important information, affected the overall “credibility” of the exchange.

Now, Binance Academy, an online blog/informative website backed by Binance, released a post where it elucidated the various potential threats smartphone users needed to avoid in terms of fake exchange apps and fake digital wallet apps.

The post mentioned that in order to avoid fake exchange apps, users should first verify it with the official website of the exchange to learn if it actually provides an application. It is also necessary to check out app developer information and figure out whether the company is legitimate in terms of an email address and website.



In terms of protecting your account information, users must activate 2FA on their accounts. 2 face-authentication [2FA] is much more difficult to breach, even if one’s login details are compromised.

The blog also mentioned that in the past, various fake wallets had also been created, which led to many users losing their capital. To avoid such a situation, it was mandatory for users to verify the private key provided by the wallet app, as in whether the public addresses can be derived and accessed from it or not.





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Biraajmaan is an engineering graduate who is exploring the ever-changing crypto verse while traversing his passion for cryptocurrency news writing. He is a Chelsea fan and a part-time poet and does not hold any value in cryptocurrencies yet.

Bitcoin

Bitcoin [BTC]: Don’t buy BTC at the top, buy it right now, says CNBC’s Brian Kelly

Akash Anand

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Bitcoin [BTC]: 'Don't buy BTC at the top, buy it right now', says CNBC's Brian Kellyq
Source: Pixabay

Bitcoin’s [BTC] rapid movement on the cryptocurrency charts revitalized an industry which was touted to be dead and buried in early 2019. The events over the past few weeks have not only increased the value of Bitcoin, but have also assisted in raising the collective market cap and the prices of other cryptocurrencies.

Giving more insight into this market movement was CNBC’s Brian Kelly, who touched upon the price fluctuations, as well as where the world’s largest cryptocurrency can go from here. The Bitcoin baller claimed that the 100 percent bounce back from Bitcoin’s lows was a great incentive for new investors. It also provided a reprieve for existing players in the market. Kelly claimed,

“Investors are wondering what the next market driver could be and in my opinion there are a couple of things. First of all we are starting to see the institutional players get into the field, evidenced by the entry of Fidelity and other such companies. Even the retail perspective is huge, with TD Ameritrade investing in Eris X with sources claiming that the organization will open BTC trade for customers in the  next three to six months.”

Kelly also spoke about how the market was entering a phase of a supply cut, where the supply of Bitcoin gets cut in the overall spectrum of the market. According to him, there is generally a price rally a year into the rise and a year out of it, and the combination of the supply cut and the rise in demand will be beneficial to Bitcoin’s price.



The CNBC official was also careful to inform holders and investors that while the price is holding at this point, people need to be careful since the market might be in the mood for a reversal. He warned,

“Do not buy it at the top but rather buy it now.”

At the time of writing, Bitcoin was trading at $7943.23, with a total market cap of $140.712 billion. The 24-hour market volume was holding at $24.816 billion and the BTC market was moving up by 0.45%.





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