Binance Reopens Trading, Despite Incomplete Fund Recovery As Hackers Look To Sell Discounted BTC


Binance Reopens Trading, Despite Fund Recovery Being Incomplete

  • Binance has reopened trading for their platform, following a massive hack almost two weeks ago.
  • Reddit user suggests that the BTC is being sold at a 70% discount on another website.

The recent hacking of the Binance platform on May 7th has been highly publicized, as the hackers managed to get away with 7,000 BTC. In total, the theft was worth about $40 million, and CEO Changpeng Zhao was proactive about handling the issues that the platform faced. The company quickly shut down deposits and withdrawals on the exchange while they went through an investigation.

By May 16th, the platform reopened these processes, though the company still has not recovered the funds.

In the meantime, it looks like attacks against Binance has not stopped. A user on Reddit spoke out on the r/Cryptocurrency subreddit, saying that the team that committed the theft was now selling the BTC at a 70% discount.

Source: Rentry

According to the content of the website, 20 ETH is available for 3 BC, while 0.2 BTC is available for 2 ETH. Choosing this option, the user will then have to provide their Bitcoin address and ETH sessions.

However, most people are smart enough to understand the scam that could be happening right now. One user even warned others to avoid offers that promise to provide major reward for their participation.

As far as the stolen funds that are missing from Binance still, there have already been multiple figures in the cryptocurrency space to offer their help to the exchange to get the funds back. John McAfee has also used the opportunity to humbly brag about being “one of the most experienced cybersecurity experts on the planet,” adding that he is “at your service” to Zhao.

Justin Sun of Tron has committed to dedicating USDT to make up for the equivalent amount of stolen BTC. Still, Zhao has remained unwilling to accept all of the help that he’s been offered.

In the meantime, Whale Alert on Twitter has decided to watch for any movements of the tokens and coins, also offering that they will lend a helping hand.

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