Quite informative, The incident took place over the span of only two minutes, according to the official incident report, but that was enough to make serious waves in the cryptocurrency market. It also likely contributed to the crash in the price of Bitcoin that we saw last night.
In the incident report, which was released very shortly after the attack, Binance said: “All funds are safe and no funds have been stolen.”
The exchange explains that the attack was sophisticated, and actually began in January. The hacker(s) were patient, spending time collecting user account credentials by imitating the official Binance logo (phishing) and creating an API key for each collected. API stands for application programming interface – it is by using this that one programme recognises another.
Keep sharing such posts, thankyou