how are you all Hope everyone is well! Today I will talk about the huge theft that happened on Binance! Binance was first established in China! then After the Chinese government declared Crypto Currency illegal in their country! Binance Company Moves to Japan, Then Moves to Malta After Crypto Illegal in Japan! Then according to many people, Malta has the same problem! Although currently takes their official company headquarters! But I don't know how many people can hear the truth of what Dubai is now! Binance is currently the largest Crypto Currency Exchange in the world by volume + number of users. There are currently 400+ different coins! In May 2019 Binance was hit by one of their biggest security incidents ever! Hackers stole more than 7000 bitcoins from Big Traders Wallet and immediately withdrew it! At that time, the market value of Bitcoin was $40 million.

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It was Binance's fault here because the Hacker was able to break into Binance's security system first!
Then they first steal the two-factor code, API and various data, then after seeing the Hot Wallet, they hack more than 7000 Bitcoins!
Hehe Binance's security system was weak at that time!
So Hacker is able to attack this!
Then the Exchange announced that users' stolen assets will be paid from the Binance (SAFU) fund!
Later Binance (SAFU) covers all losses!
(SAFU) stands for Secure Fund for User,
Means Binance keeps 1:1 Ratio Fund Safe for the safety of their users, like if you deposit $100 in Binance, Binance will keep Backup $100 against it! And it is called SAFU!
Because if there is a hack, then our Fund can pay from SAFU.

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So refrain from using any Exchange! Everyone use Binance to save your funds.
I hope you understand, so I'll end here today, see you with something new, everyone be well! Allah-Hafez