Binance Investigates A Hack That Affected Multiple Tokens: The Damage Is Said To Be 5 Million U.S. Dollars Worth of BNB

December 4, 2022

Hello Bubble Riders!

The crypto market continues to face hardships on top of the FTX contagion. Here is what you might have missed:

  • Binance is investigating a hacking incident  that affected a number of crypto tokens Friday. CEO Changpeng Zhao stated that a private key used to encrypt or decrypt data had been hacked.
  • As Binance halts withdrawals, Ankr and Hay tokens were affected. Ankr stated that it is “committed to compensating affected users.”
  • The team at Ankr assessed the damage and concluded that the damage was 5 million US dollars worth of BNB. 

It looks like 2022 is on the way to being the record year for such exploits. In situations like these, it is important to do your own research on trading strategies. Difficult times like this offer us an opportunity to learn how to better manage our money, our strategies, and realize the importance of those small but mighty four letters: DYOR (Do Your Own Research)!

Stay safe out there.

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