Cryptocurrency News

After Binance Hacking Attempt The Exchange is Seeking a Rollback


Yesterday itself, whole crypto market, especially the bitcoin holders/traders/investors were happy as after almost a year, they got to see Bitcoin reaching highs. The bitcoin prices had reached beyond $5,850 against the US Dollar. The BTC/USD pair climbed went well above $5,900, and at the closing period, it’s trading value was $6,000. However, recent news in the bitcoin market brought this price down by a small amount; the comedown value was around $5,900 level.

This happened as the news was disclosed that a successful hacking attempt was made on the platform of the world’s largest crypto exchange named Binance. In this security breach activity around 7000 bitcoin units are said to be stolen by the hacker. This negative news when got spread in the market, the bitcoin prices came below $5,800.However, the market kept its calm, and it is visible in the prices of bitcoin.

While the bitcoin prices were declining, there was a resistance down the connecting bullish trend line. This line was with the support of near $5,840 for the USD/BTC pair on the hourly chart.

Taking the responsibility of what has happened; the Binance CEO said that the exchange is considering pushing for a rollback on the bitcoin network post hack. The CEO helped ‘Ask ME Anything’ session where he was asked many questions?

Zhao said:

“To be honest, we can actually do this probably within the next few days. But there are concerns that if we do a rollback on the bitcoin network at that scale, it may have some negative consequences, in terms of destroying the credibility for bitcoin.”

He also accepted that many are against this decision as the following result will have ethical and reputational considerations as far as the bitcoin network is concerned.

He added that the exchange is still thinking over it and everything is getting checked and considered; the numbers are getting the required attention too.

He added

“It’s interesting that it’s a tech solution [suggested] to us by the community, including some of the core members of the bitcoin development team. We will consider that very, very carefully, with the feedback we are receiving.”

The company aims to rebuild the structure and hence, till the process is not over, deposits and withdrawals are halted.

Hacking attempts are not new to the market, but they affect the crypto space each time, and the players of the crypto market yet not know how to save the space from such attempts.

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