Binance is hacked but no user funds were lost

Binance, one of the world’s most popular and largest exchanges, was hacked today to the tune of 7000 Bitcoins. This came a a shock to the cryptocurrency world as Binance’s security was considered to be one of the best. The hack came as a combined result of Phishing schemes, SIM Card schemes, and other sorts of attacks. Despite the hack, no user funds will be lost as binance has a pool of funds to cover the 7000 Bitcoin losses. The market reacted sharply in the hour after the hack but soon recovered, showing the bullish resilience recently and the news did not seem to stop the overall upward momentum.

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