Despite The Recent $41 Million Bitcoin Hack, Binance Coin (BNB) Is Going Strong in the Markets
Binance has hacked a few days ago and lost 7,074 Bitcoin (BTC) worth $40 million at the time of the attack. Changpeng Zhao, the CEO of Binance and founder of the platform, addressed the community and talked about the hack that the company experienced. He has also talked about the possible solution and announced that the exchange will use SAFU Fund’s money to cover the funds lost.
CZ made a post that said:
“Our team is making progress and has been working through the weekend. In the past few days, we have made some significant overhauls to our system, with a large number of advanced security features added and/or completely re-architected. We will share details on some of the changes later.”
Most people had wondered if this marks a catastrophe for the exchange’s native currency, Binance Coin (BNB). However, it was not meant to be. Binance Coin rebounded sharply on Monday and was on track to test monthly highs. In just a day, BNB gained a swift 11.5% over the 24-hour cycle to reach $23.40. The coin peaked at $23.80 earlier this month, according to CoinMarketCap. The price reached $25.00 in May for the first time ever.
BNB is noticeably one of the top performers in 2019. The coin has nearly quadrupled in value since the beginning of the year, thanks to a righteous news cycle tied to strong fundamental developments surrounding Binance. This includes launching its own decentralized exchange and security token platform.
Most people say that the recent bull run is partly due to crypto coming to eBay. Leaked images on Twitter showed that the online retailer will soon accept virtual payments on its platform, though the exact details of the service haven’t been revealed. People on Twitter also proposed that Binance Coin will be the primary cryptocurrency supported on the platform.
By promoting cryptos, eBay could stimulate the extensive adoption drive currently advancing in the digital asset space. Payments are one area of the ecosystem that is said to be lagging. This could soon change as Intercontinental Exchange and others launch crypto-specific payment services.