Crypto Market Fall - Binance Security Incident - What is Going ON - Lets Explore...
Hey All,
At first I want to start with saying that ALL is good at my side. I could not post for the last one week or so as was busy with office and household work with alot of festival round the corner and yeah Diwali coming in as well pretty SooN...Coming back to the main topic of this blog post which is around - "Crypto Market Fall - Binance Security Incident - What is Going ON - Lets Explore..." the overall global cryptocurrency market cap today is $2.67 Trillion, a 3.7% down today in the last 24 hours. ALL major crypto tokens have taken a beating with BTC down 3.5% and is trading around $77K and our favourite #HIVE token is also down 4% as of wrting this post and is trading around $0.045+ cents as per coingecko.
Crypto Market Fall - Binance Security Incident - What is Going ON...
I was checking on the internet if there is any news associated with this 3.5% crypto downfall and here comes the news from Binance X handel which states that - "We are working non-stop to resolve this issue. Binance will cover all losses." there are a lot of updates and announcements coming in every 2 to 3 hours regarding this security incident that has happened on the Binance exchange. As per news and certain artciles that I have read it is being said that the total impact sits at around $6.3B and this is HUGE...loss to be considered in the crypto market and hence the market has reacted to this security incidenet that has happened with the Binance exchange.
Also it is noted that Binance team has worked with blockchain partners to freeze affected assets, with ~$3+ billion frozen on-chain so far. At the same time at the moment as a precaution measure Binance has all temporarily suspended crypto deposits and withdrawals. As their team further conducts security checks, freezes funds, and works with law enforcement. At the same time, I am also reading on the Binance X handle where the Binance team is stating that - "Binance will cover all losses." So, this is going to be a big relief for ALL those users whose crypto funds were stuck or affected by the recent Binance security incident. To be honest, I dont keep alot of funds on a CEX [Centralized Exchange] because of ALL these fears of hack and security incidents happening every now and then for a CEX. “Not Your Keys, Not Your Crypto.” its that SIMPLE for me.. Lets see hoe Binance and overall crypto market recovers from here oN... Until then, stay safe, stay informed, and keep stacking those sats..Well this should be it for todays post on - "Crypto Market Fall - Binance Security Incident - What is Going ON - Lets Explore..." Stay Vigilant Alert...ALL the time... Cheers...
#CryptoMarket #Binance #CryptoCrash #CryptoNews #Bitcoin #NotYourKeysNotYourCrypto
Image Source:: Self Created via Pro Canva & ChatGpt, Binance and Coingecko
Best Regards
Paras
PS:- None of the above is a FINANCIAL Advice. Please DYOR; Do your own research. I've an interest in Blockchain, Stocks & Cryptos and have been investing in many emerging projects. Also I am using ChatGpt for structing of the table content in markdown language at times...