Can Binance be hacked?
Are you wondering if Binance can be hacked? In this article, we examine the likelihood of a hack, so you can be well-prepared!
Can Binance be hacked?
Binance can certainly be hacked! This has even happened before. In 2019, hackers managed to steal 7,000 Bitcoin with a value of $40 million at the time.
However, Binance has built in insurance against hacks. They deposit 10% of all transaction fees in the so-called SAFE fund. If users lose cryptos because of a hack, Binance compensates them by using this fund. Binance compensated users by paying back the full amount back in 2019.
Binance founder Changpeng Zhao was completely transparent about the hack on Twitter. This is a good sign for the reliability of Binance. In this article we have examined in more detail how reliable the trading platform is.
Account hacks
A full exchange hack is fortunately quite rare. It happens more often that hackers manage to hack a crypto exchange account. It is therefore important to secure your account properly.
When hackers gain access to your account, they can steal all your cryptos. You will not be the first Binance user to lose thousands of dollars.
Secure your account
If you want to prevent hacks, it is essential to secure your account properly. You can do this by:
- Choosing a password that is difficult to guess
- Using 2-FA
- Storing cryptos on external wallets
Would you like to read in more detail how to secure your Binance account? In this guide, we explain how to minimize the risk of a hack!
Bounty programme
Binance is constantly trying to improve the security of its site. Part of this is the special bug bounty programme. Professional white hat hackers can expose vulnerabilities on the Binance website. Binance pays $200 to $10,000 for this, depending on the seriousness of the problem. Users who demonstrate many issues also receive a nice bonus.
These kinds of programmes are very beneficial, as external parties can point out security problems that Binance has to solve.
Do you want to read more about Binance?
- Read more about Binance in the review
- Find out if Binance is legal here
- Discover if you are insured against hacks here
