Binance's Biggest Hacking Happened in 2019
Assalamu Alaikum
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.
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
Crypto hack is a yearly happening but I believe with time there will be more security.
Hacking incidents are always unfortunate and hopefully Binance has grown stronger from past such tragedies.
Hack events are never a good experience but still despite the fact exchanges are using highly advanced technologies they are targeted time to time. Hope someday there is a better solution to deal with these hackers where people don't have to deal with the monetary losses because of the hacking events.