History proves that the hack and security breaches has sent a lot of cryptocurrencies to the depths. But the attack that happened on Binance, that security breach doesn’t affected the market at all.
Many people are concluding this as a sign that Market will not get much impact by these hacks, as this Binance security breach doesn’t have much effect on Bitcoin or any other coin.
According to our view, it didn’t affect ANYTHING much, it affected the leading currency but the damage was not that much severe which everyone thought it would be.
As before this breach, Bitcoin was trading for $5900 for the last 24 hours, and everyone was expecting it cross over $6000 now. But after the Binance announced the hack, Bitcoin’s price took a hit.
Even though the digital asset has got a decrease of 1%, and its in the red over the past 24 hours with a price of $5,880, and in bigger scheme things, it’s not that bad.
If after this hack Bitcoin can’t get any negative affect, it confirms the transformation of the Digital cryptocurrency market.
What Binance has to Say?
Binance say that they will use the #SAFU fund to help them cover this incident in full. They say that user funds will not be affected.
Binance says that they must conduct a thorough security review, and this review will include every part of their systems and data, which is quite large. Our estimate is that this type of Security check will take about One Week. But you’ll get the latest updates on TRB Crypto Solutions.
But most important is that all withdrawals and deposits will remain suspended during this security check. And they are hoping that everyone will understand their difficult situation.
They will continue to enable trading, with adjusting our positions as anyone wish. There are chances that hacker may still control some of the user accounts, and they may use their accounts to influence prices. So they are going to monitor the situation very closely and they are going to keep the withdrawals disabled, there isn’t much incentive for hackers to influence markets.
Binance: In this difficult time, we strive to maintain transparency and would be appreciative of your support.