Cryptocurrency investors have been very nervous lately. Because the blockchain called BNB Chain, which was released by the founders of Binance, has recently been exposed to a serious hacker attack. Hacker or hackers exploiting the vulnerability in the chain minted $100 million worth of Binance Coin (BNB), according to the official statement, and $570 million according to third-party sources, and transferred them to their own accounts.
After the incident, an official statement came from Binance. In the statement, it was stated that there is no connection between BNB Chain and Binance, and the attack did not affect Binance. In addition, Binance CEO CZ was harsh on the news titled “Binance was hacked” by giant news sources in his post on Twitter and said, “The quality of the news needs to be increased.” made a statement.
We asked cryptocurrency expert Oytun Es: So what was the truth? How does the hack attack affect the cryptocurrency investor?
After the huge amount of money was talked about in the hack attack on BNB Chain and the Binance front made harsh statements, we wanted to ask someone who knows the details of this event. The name who agreed to answer our questions was Oytun Es, a crypto money expert and co-founder of the YouTube channel Crypto Teknik.
We talked to Oytun Es about the details of the hacking incident in BNB Chain. If you wish, without further ado, let’s look at the questions we asked and the answers we received.
Binance said the attack was not related to them. Was this explanation correct?
Bridges are one of the most troublesome parts of the cryptocurrency world. When we look at the last process, most of the hacking events take place from the vulnerabilities on this side. In the last example, there is a hack on the BNB Chain, again over the bridge. Here Binance has a responsibility. However, with the rapid action they took, they prevented greater grievances.
Will the attack lower the price of BNB or other cryptocurrencies? Is there a buying opportunity for the investor waiting in ambush?
In this regard, I do not think that there will be significant sales over BNB and other cryptocurrencies. The issue has been resolved without growing. As the cryptocurrency ecosystem, we have seen much worse.
How does Binance or BNB Chain get out of this? Will they be investigated, fined or faced with access bans? Are there any among the authorities who go to jail?
It is unlikely that Binance will undergo an investigation into this matter. There’s no regulation. Blockchain software is in its infancy. Unfortunately, such undesirable situations will occur. There will be no investigation and no jail time.
Cryptocurrencies are said to be reliable. However, 100 million dollars (according to the official statement) could be stolen in a single item. The LUNA incident had already shaken the market. How will trust be established? If it’s safe, how is such a big theft possible?
We’re talking about technologies in their infancy. There will be some undesirable accidents in this development process. The important thing is to take quick action before these problems grow and to prevent major grievances.
If the investor’s money was stolen, would Binance have to cover it? After all, there was a theft and there is a certain damage. Who will pay for this damage?
Binance exchange has always been sensitive about meeting grievances. In the event of a great victimization, in my personal opinion, he will do his best again. There are special funds that they keep in the corner related to these.
What should investors do to avoid being a victim?
Investors should stay away from bridges as much as possible in order not to be a victim. In fact, this issue is not an issue that concerns the majority of investors. There is no problem for people who buy crypto assets and store them in their own wallet.
Despite everything, do you believe in the future of cryptocurrencies?
I wholeheartedly believe in the future of cryptocurrencies. Every great development is painful. We are talking about a technology that is currently in its infancy. Many projects are still in early development. Over the years, we will have a much more settled ecosystem.
Do you have a cryptocurrency investment and what do you plan to do after the hack?
Yes, I have crypto money investments and it will continue to be. This isn’t the first hack this ecosystem has experienced. There will be hacking cases from now on. Of course, putting all of your assets here is a big risk, but staying out of a process with such great potential seems even more risky to me.
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