While the interest in cryptocurrencies continues to increase rapidly around the world, cyber attacks on crypto money trading platforms where cryptocurrencies are bought and sold are also increasing. Recently, one of the popular crypto currency trading, stock market and wallet platforms has witnessed one of these cyber attacks; It was reported that as a result of the hacking of Crypto.com, which operates in our country, a total of 483 users were affected and 34 million dollars worth of Bitcoin (BTC) and Ethereum (ETH) were stolen by cyber attackers.
As such, cryptocurrency exchanges have begun to take measures to protect against such dangers. One of those who took steps in this regard was Binance Holdings, one of the world’s leading cryptocurrency exchanges.
Binance creates insurance fund against cyber attacks
Binance Holdings has announced that it has created a substantial amount of insurance funds against possible attacks on cryptocurrency trading platforms from hackers and the threat of seizure of assets.
According to Bloomberg HT, Binance has decided to create an insurance fund of $ 1 billion as an assurance against cyber attacks in order to address the attack and theft concerns of users with crypto assets on the platform.
Making a statement on the subject, Changpeng Zhao, CEO of Binance, said, “At Binance, we have always said that users’ funds are safe, and today the Binance Secure Asset Fund ensures that users are effectively protected against unwanted events such as cyber attacks.”
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