The recent unprecedented Binance hack that led to over 7,000 bitcoins being stolen sent shockwaves across the cryptosphere and besmirched the crypto exchange’s almost impeccable security record. And now CEO Changpeng Zhao, also known as CZ has announced a $1.2 million giveaway in Binance Coin (BNB) as a “thank you” gift to the company’s customers for being supportive during these trying times.
The platform which is considered to be the biggest of its kind in the world in terms of trade volume was forced to halt deposits and withdrawals moments after the theft, a predicament that left many of its users in limbo for several days before resuming operations on May 15.
#Binance System Upgrade Complete: VIP User Promotion & 50,000 $BNB Community Giveawayhttps://t.co/AiMMVsF6DZ pic.twitter.com/6qqEt780W5
— Binance (@binance) May 15, 2019
How the Hack Occurred
Cybercriminals were able to compromise user accounts through multi-pronged attacks ranging from malware to complex phishing schemes. They were able to obtain sensitive…