On the 6th of October 2022, one of the world's most important cryptocurrency exchange services, Binance, was hacked. This hack is thought to have lost people millions of dollars. A hack on this scale bodes the question, why was such a substantial financial service hacked this easily? This could be due to its lack of security, though Binance (BNB) may argue against this, however, had it had better security, the hack wouldn't have happened. Other cryptocurrencies like Big Eyes Coin (BIG) and Ethereum are trying to secure their platforms more to prevent hacking.
According to Binance's Chain blog, the hackers had unfortunately drained the exchange service of 2 million BNB tokens, the equivalent of $570 million, on the day it happened – the 6th of October 2022. Though not the biggest hack in history, it comes close to it. Ronin Network was also hacked this year in August and is now considered the biggest crypto hack in history. The network lost approximately $614 million. Not far off from what Binance lost.
The hack was said to be on one of the network's cross-chain bridges, the BSC Token Hub. This made it possible for hackers to make BNB tokens that didn't already exist. Binance then had to ask its validators to temporarily stop their actions until they were sure the funds were safe. After deploying an update that froze the accounts, Binance was able to stop the Binance Smart Chain and secure $7 million. However, after such an event, people lost trust in Binance, and their BNB token took a hit, going down by 3.4% in the 24 hours after the hack.
Like most significant players in the crypto game Ethereum (ETH) had also experienced a hack before, in its earlier days. Less than a year after Ethereum was released, the application DOA that was running on its blockchain was hacked and caused Ethereum to lose 3.6 million Ether tokens, equivalent to 5% of the total Ether in circulation at the time. This was a big hit at the time, the Ether loss was worth around $50 million at the time, but today would be worth billions.
To fix this, Ethereum created a hard fork within their blockchain, splitting them into two, one with the memory of the fork and one without. The new one is the Ethereum (ETH) we know today, and the old one is now called Ethereum Classic (ETC). This enabled Ethereum to return all the lost money to its investors and make the new forked half of its blockchain much more secure and less prone to being hacked.
Big Eyes Coin is an up-and-coming meme coin. It is currently in its pre-sale stage and has raised a whopping $7.16 million so far and is still going. The meme coin is trying to bring diversity into the meme coin sector of cryptocurrency by using an adorable anime-style cat mascot. The coin will be highly secure for many reasons, including the fact that it will run on the Ethereum (ETH) blockchain. As we have discussed, the Ethereum blockchain is now one of the most secure blockchains available. Making this executive decision shows how much Big Eyes Coin (BIG) cares about the security of its coin and securing its investors' money.
Alongside this, Big Eyes Coin (BIG) has also implemented some of its own actions to help keep it secure. The coin has made its contract 100% secure by auditing it by Solidity Finance, a reputable source. Alongside this, they have a Coin Sniper-verified team to ensure anti-rug and project security, securing investors' money.
Hacking can occur to anyone in the crypto world, as can be seen by the recent $570 million hack that Binance experienced. However, there are some cryptocurrencies that are trying to prevent this phenomenon, like Ethereum (ETH) and Big Eyes Coin (BIG).
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Disclaimer: Analytics Insight does not provide financial advice or guidance on cryptocurrencies and stocks. Also note that the cryptocurrencies mentioned/listed on the website could potentially be risky, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. This article is provided for informational purposes and does not constitute investment advice. You are responsible for conducting your own research (DYOR) before making any investments. Read more about the financial risks involved here.