Security Warning Issued For World’s Biggest Exchange Binance

The Bitcoin and cryptocurrency exchange hacks and security breaches have long been part of our latest cryptocurrency news. However, as the latest updates show, the biggest Bitcoin market places are the ones that are working hard to change this – with mixed success.
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In the latest series of events, a security warning was issued for the exchange Binance, which is also the world’s largest cryptocurency exchange by trading volume.

What is interesting is the fact that Binance has built a reputation of transparency and reliability. However, in the latest series of events, Binance has warned users that it is investigating an alleged leak of verification data.

The security warning comes in times when the Bitcoin price takes a small beating – which may also be led by the Binance announcement. The alleged security leak, as details showed, could affect up to 60,000 individual users who sent identification information to Binance over the last year, according to many best cryptocurrency news sites.

As Binance revealed, the security warning comes after a hacker was claimed to possess 10,000 images of users that hold some similarities to the exchange and its Know-Your-Customer (KYC) data requirements. For those of you who don’t know, this is a legal requirement by financial institutions for all customers interested in trading, withdrawing and depositing funds to prevent money laundering and fraud.

The Bitcoin and cryptocurrency exchange, founded in Hong Kong and based in Malta, said that it was blackmailed by the alleged hacker who demanded 300 Bitcoin which was worth around $3.5 million at current BTC prices.

Still, the chief of Binance Changpeng Zhao, known as CZ, played down the “leak” and suggested that it is an attempt to damage Binance and other crypto businesses. In a response, Binance said that there are “inconsistencies” when comparing the hacker’s images to the data in the system – and that there is “no evidence” that indicates any KYC images have been obtained from the exchange.

Still, the security warning was issued and the coming altcoin news show that Binance offered a reward of up to 25 Bitcoin ($290,000) for anyone with information that leads to the identification of the hacker.