Binance Security Breach
On May 7, 2019 Binance have discovered a large scale security breach on their exchange. During the breach hacker have obtained a large number of API Key, 2FA codes and were able to withdraw more than 7000 BTC in one transaction. Because Cryptohopper could be used with Binance we want to update you on this situation.
Firstly, if you had any funds on Binance, don't worry. All potential losses will be covered by Binance with its Secure Asset Fund for Users, Also known as SAFU. Which is an emergency insurance fund created on the 14th of July, 2018.
“To protect the future interests of all users, Binance will create a Secure Asset Fund for Users (SAFU). Starting from 2018/07/14, we will allocate 10% of all trading fees received into SAFU to offer protection to our users and their funds in extreme cases. This fund will be stored in a separate cold wallet."
If you have Cryptohopper linked to Binance we advise you strongly to do the following steps:
Create a new API and relink it to your trading bot; If you don't remember how to do this, you can find out by clicking here.
Create a new 2 Factor Authentication.; Because codes were exposed during the breach, we advise you to create new 2FA codes on all linked platforms.
If you’re a marketplace seller. Binance will be reviewing their security over the coming week;The security review will include all parts of their systems and data. Because of this, we ask you, if your payout address is a Binance address you could change it to a different one. Binance will suspend all deposits and withdrawals for a week. This applies to all marketplace sellers and affiliates with a Binance address. If you don't know how, or if you are unable to, we ask you to contact us ASAP.
If you’re a user of Binance. We advise you to follow Binance for updates and keep up to date to all the news surrounding the breach.
If any of our users have any questions or insecurities surrounding the Binance security breach, don't hesitate to contact us through e-mail or reach us through one of our social channels: Twitter, Facebook or Instagram.
