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Binance, one of the largest transaction-based cryptocurrency markets and one of the most respected and respected names in the industry, is also among the largest cryptocurrency trading hacks to have never hit the crypto industry since the launch of Bitcoin.
The "security breach," in Binance's words, resulted in the theft of 7,000 BTCs from the stock market using advanced methods that helped the hackers stay undetected. The bitcoin stolen at today's prices brings the total loss of hackers to about $ 41 million – an amount that Binance will be able to recover completely in just 47 days, according to a crypto analyst.
Bitcoin stolen "Peanuts" for Binance to recover according to the analyst
Larry Cermak, chief analyst at The Block and former researcher at Diar, spent some time digging through the Binance hacking data to try to shed light on what happened. The analyst speculates that the hacking has something to do with Binance's lack of implementation of Segwit, due to the absence of the famous backup of the exchange.
Related reading | Bullish: The crypto community is shocked by the recent resilience of Bitcoin prices
The analyst further concludes that the security breach is the sixth largest hacking exchange in the history of crypto, with a total of $ 41 million in Bitcoin stolen from the main trading platform of cryptocurrency known for its wide variety of altcoins.
Some of my thoughts / ideas about Binance hack
– $ 41 million is peanuts for Binance – they can come back in 47 days
– This was the sixth largest trading hack in history and the total amount stolen in trade amounted to $ 1.35 billion
– Reorg was a stupid idea that would not work pic.twitter.com/K8rBuFggZm– Larry Cermak (@ Lawmaster) May 8, 2019
Cermak says that this $ 41 million is "peanuts" for Binance and that it will only take him 47 days to recover the money lost as a result of the security breach. The analyst used data from Binance's first quarter 2019 financial report, which revealed that the company had realized $ 78 million in profits during the period. With approximately 90 days per quarter, the analyst was able to estimate daily what Binance is earning, which represents a profit of nearly $ 875,000 a day.
Watch Binance dominate the crypto space
Although piracy is a setback for Binance, the rapidly growing cryptocurrency exchange shows no signs of slowing down.
For most of 2019, the platform's native cryptocurrency has been one of the most successful in the market, as the company launches its own blockchain, a decentralized stock market, and created the necessary token for investing in the company's launch platform, which allows investors to discover new crypto for the first time.
Related reading | Binance Coin (BNB) near ATH after the exchange of several bullish announcements
The unprecedented growth of the company occurred almost overnight. Binance exploded at the end of 2017 and in just a quarter of the market, revenues went from just $ 7.5 million in one quarter to $ 200 million in the first quarter of 2018.
Since then, interest in the cryptography market has faded and competition has intensified, but Binance has nonetheless been able to generate a $ 78 million turnover during first quarter of 2019, in the lower depths of the bear market.
Really cool to see the #bitcoin trading volume by exchange from 2017 to today. ??? #BTC #trade #volume #cryptolife #lebitcoinfamille pic.twitter.com/gNvhIB8XM6
– ₿ idi Didi Taihuttu ₿ (@Diditaihuttu) April 19, 2019
In the video above, Binance's explosion on the scene can be seen through the shift in which stock exchanges dominate the volume of transactions in the cryptography market. In a short time, Binance entered the market and quickly became a market leader.
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