The Binance Hack/Phishing Scam - How to Know if You are Affected

• Cryptocurrency Exchange Binance, reverses trades after widespread hack rumors
• Bitcoin price falls as Binance claims its users have fallen victim to a phishing scam
• Binance users urged to secure accounts ASAP to avoid cryptocurrency loses

Was Bitcoin exchange Binance just hacked? Binance is saying no. The only problem? Thousands of Binance of users are reporting frozen accounts and on-site trading irregularities. This being the case, what is the real story?

The good news for cryptocurrency investors and traders is that Binance hasn’t been hacked. - Or at least that’s the official Binance position. What Binance is saying instead, is that users are falling victim to the same phishing scam which we fully detailed right here just a couple of days ago.

How do You Know if You are Affected by the Binance Phishing Scam?

As detailed in our post ‘ How to Avoid Cryptocurrency Scams in 2018.’ the current problem with Binance, stems from the fact that a spoof Binance landing page has been prompting users for their passwords and 2-Factor Authentication details. What many Binance users don’t realize, however, is that even if their Binance login details have been compromised, they may not be made immediately aware of the fact.

All Binance Users Should Change Their Binance Passwords ASAP

According to Binance, user details which have been entered into spoof sites masquerading as the real Binance, haven’t been used to compromise accounts immediately. Instead, sites pretending to be Binance appear to have spent time collecting user credentials, before only now attempting to use credentials to compromise and transfer funds out of accounts.

Put simply, a Binance user may have logged into a spoof Binance site months ago. Only now, however, are cybercriminals moving to use login credentials to target actual Binance accounts and cryptocurrency holdings.

Don’t Wait - Just Update Login Details Now at the Real Binance

Because Binance users may have entered login details into spoof Binance sites weeks ago, there is no guaranteed way to know how many Binance users might have had their details compromised. This being the case, all Binance users should immediately change their passwords and 2-FA credentials, even if they haven’t experienced any account problems.

Is Binance Still Safe to Use?

As a rule, cryptocurrency exchange hacks almost always lead to brief Bitcoin price pull-backs and loss of confidence in specific trading platforms. What traders and investors should keep in mind at present, however, is that no Binance users have so far had funds stolen from accounts.

Unlike recent Bitfinex YouBit cryptocurrency exchange hacks, automated security triggers alerted Binance developers to potential problems, just as attackers were starting their attack on the site. This being the case, Binance has been able to secure all user funds, by temporarily suspending withdrawals.

Binance May be More Secure Than People Think

While no one likes the idea of suspended account withdrawals, cryptocurrency traders who don’t already use Binance, may now want to now give the platform a second look. This is because despite the current security situation, Binance seems to have successfully protected all users from succumbing to any losses. All that new and existing users need to remember, is not to login or register inadvertently with cloned Binance sites rather than the real deal.