{"id":614797,"date":"2023-03-06T07:49:36","date_gmt":"2023-03-06T13:49:36","guid":{"rendered":"https:\/\/news.sellorbuyhomefast.com\/index.php\/2023\/03\/06\/bnb-sides-with-bulls-as-binance-adopts-safety-measures-to-combat-defi-hacks\/"},"modified":"2023-03-06T07:49:36","modified_gmt":"2023-03-06T13:49:36","slug":"bnb-sides-with-bulls-as-binance-adopts-safety-measures-to-combat-defi-hacks","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2023\/03\/06\/bnb-sides-with-bulls-as-binance-adopts-safety-measures-to-combat-defi-hacks\/","title":{"rendered":"BNB sides with bulls as Binance adopts safety measures to combat DeFi hacks"},"content":{"rendered":"<div id=\"mvp-content-main\">\n<ul>\n<li><em>A Joint Anti-Scam Campaign was launched by Binance to combat crypto-related scams.<\/em><\/li>\n<li><em>High-profile hacks have eroded customers\u2019 confidence in centralized exchanges.\u00a0<\/em><\/li>\n<\/ul>\n<p>The world\u2019s largest cryptocurrency exchange, <a href=\"https:\/\/ambcrypto.com\/?s=binance\" target=\"_blank\" rel=\"noopener\" data-wpel-link=\"internal\">Binance<\/a> was at the center of a sensational $570 million hack in October last year.<\/p>\n<p>Hackers exploited a bug in the BNB chain\u2019s smart contract and transferred about 2 million tokens into their wallets. Following the hack, Binance had to immediately suspend withdrawals and deposits.<\/p>\n<p>One of the biggest breaches in the crypto space, the incident raised questions on the security of decentralized finance (DeFi). But the question is- Have corrective measures been taken?<\/p>\n<hr>\n<p>Read\u00a0<a href=\"https:\/\/ambcrypto.com\/predictions\/binancecoin-price-prediction\" target=\"_blank\" rel=\"noopener\" data-wpel-link=\"internal\">Binance Coin [BNB] Price Prediction<\/a>\u00a02023-24<\/p>\n<hr>\n<h3><b>Binance launches anti-scam campaign<\/b><\/h3>\n<p>On 5 March, Binance announced that it will partner with law enforcement agencies worldwide to combat crypto-related scams.<\/p>\n<p>The exchange said that it launched the Joint Anti-Scam Campaign which will include sending alerts, crime prevention messages, and other helpful tips whenever users initiate a withdrawal on Binance.<\/p>\n<p>The exchange added that it started this campaign with Hong Kong first and the project showed good results.<\/p>\n<blockquote data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Binance Partners With Law Enforcement Agencies to Launch Joint Anti-Scam Campaign | Binance Blog <a href=\"https:\/\/t.co\/t3P78R0B6L\" data-wpel-link=\"external\" target=\"_blank\" rel=\"nofollow external noopener noreferrer\">https:\/\/t.co\/t3P78R0B6L<\/a><\/p>\n<p>\u2014 CZ ???? Binance (@cz_binance) <a href=\"https:\/\/twitter.com\/cz_binance\/status\/1632194833061408769?ref_src=twsrc%5Etfw\" data-wpel-link=\"external\" target=\"_blank\" rel=\"nofollow external noopener noreferrer\">March 5, 2023<\/a><\/p>\n<\/blockquote>\n<h3>Hacks have dented traders\u2019 confidence<\/h3>\n<p>It\u2019s important to note that these high-profile hacks coupled with the <a href=\"https:\/\/ambcrypto.com\/?s=FTX\" target=\"_blank\" rel=\"noopener\" data-wpel-link=\"internal\">FTX collapse<\/a>, have eroded customers\u2019 confidence in centralized exchanges (CEXs).<\/p>\n<p>Analysis from <a href=\"https:\/\/dune.com\/ahkek\/cex-vs-dex-volume-comparison\" target=\"_blank\" rel=\"noopener nofollow external noreferrer\" data-wpel-link=\"external\">Dune Analytics<\/a> revealed that trading volume on CEXs dipped considerably since November while decentralized exchanges (DEXs) saw a substantial uptick.<\/p>\n<p>From about $1 billion at the start of October 2022, the daily DEX volume exploded beyond $6 billion in a month\u2019s time.<\/p>\n<div id=\"attachment_295334\">\n<p><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/DEX.jpg\" data-wpel-link=\"internal\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-295334\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/DEX.jpg\" alt width=\"674\" height=\"411\"   data-old-src=\"data:image\/svg+xml,%3Csvg%20xmlns='http:\/\/www.w3.org\/2000\/svg'%20viewBox='0%200%20674%20411'%3E%3C\/svg%3E\" data-lazy-srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/DEX.jpg 674w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/DEX-300x183.jpg 300w\" data-lazy-src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/DEX.jpg\"><\/a><\/p>\n<p id=\"caption-attachment-295334\">Source: Dune Analytics<\/p>\n<\/div>\n<p>Additionally, as per Binance\u2019s proof of reserves data, its total balance dropped from $44.4 billion in early October to $33 billion by the end of December, a fall of nearly 21%. This indicated that liquidity on the exchange was impacted to a great extent.<\/p>\n<div id=\"attachment_295345\">\n<p><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/Binance.jpg\" data-wpel-link=\"internal\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-295345\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/Binance.jpg\" alt width=\"664\" height=\"409\"   data-old-src=\"data:image\/svg+xml,%3Csvg%20xmlns='http:\/\/www.w3.org\/2000\/svg'%20viewBox='0%200%20664%20409'%3E%3C\/svg%3E\" data-lazy-srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/Binance.jpg 664w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/Binance-300x185.jpg 300w\" data-lazy-src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/Binance.jpg\"><\/a><\/p>\n<p id=\"caption-attachment-295345\">Source: Dune Analytics<\/p>\n<\/div>\n<hr>\n<p>How much are\u00a0<a href=\"https:\/\/ambcrypto.com\/convert\/1-bnb-to-usd\" target=\"_blank\" rel=\"noopener\" data-wpel-link=\"internal\">1,10,100 BNBs worth<\/a>\u00a0today?<\/p>\n<hr>\n<p>Binance has been facing a lot of regulatory heat of late. As per a report by <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-03-03\/voyager-s-bankruptcy-token-should-be-regulated-sec-lawyer-says\" target=\"_blank\" rel=\"noopener nofollow external noreferrer\" data-wpel-link=\"external\">Bloomberg<\/a>, a U.S. Securities and Exchange Commission (SEC) lawyer has said that most of the SEC staff believed that Binance.US was operating an unregistered securities exchange.<\/p>\n<p>At the time of writing, its token BNB exchanged hands at $290.39 with slight gains from the previous day, as per <a href=\"https:\/\/coinmarketcap.com\/currencies\/bnb\/\" target=\"_blank\" rel=\"noopener nofollow external noreferrer\" data-wpel-link=\"external\">CoinMarketCap<\/a>. As a result of increased scrutiny from U.S. regulators, the coin lost 10% of its value over the past month.<\/p>\n<\/p><\/div>\n<div id=\"mvp-content-bot\">\n<div id=\"mvp-author-box-wrap\">\n<div>\n<p><img loading=\"lazy\" decoding=\"async\" data-del=\"avatar\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/08\/image-1-80x80.jpeg\" height=\"60\" width=\"60\" data-old-src=\"data:image\/svg+xml,%3Csvg%20xmlns='http:\/\/www.w3.org\/2000\/svg'%20viewBox='0%200%2060%2060'%3E%3C\/svg%3E\" data-lazy-src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/08\/image-1-80x80.jpeg\">\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/p>\n<\/p><\/div>\n<p>Ser Suzuki Shillsalot has 8 years of experience working as a Senior Investigative journalist at The SpamBot Times. He completed a two-hour course in journalism from a popular YouTube video and was one of the few to give it a positive rating.<br \/>\nShillsalot&#8217;s writings mainly focus on shilling his favourite cryptos and trolling anyone who disagrees with him.<br \/>\nP.S &#8211; There is a slight possibility the profile pic is AI-generated. You see, this account is primarily used by our freelancer writers and they wish to remain anonymous.<br \/>\nWait, are they Satoshi? :\/<\/p>\n<\/p><\/div>\n<div itemprop=\"publisher\" itemscope itemtype=\"https:\/\/schema.org\/Organization\">\n<div itemprop=\"logo\" itemscope itemtype=\"https:\/\/schema.org\/ImageObject\">\n<p><img decoding=\"async\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/10\/Menu-large-logo.png\" data-old-src=\"data:image\/svg+xml,%3Csvg%20xmlns='http:\/\/www.w3.org\/2000\/svg'%20viewBox='0%200%200%200'%3E%3C\/svg%3E\" data-lazy-src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/10\/Menu-large-logo.png\"><\/p>\n<p><meta itemprop=\"url\" content=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/10\/Menu-large-logo.png\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n<p>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<meta itemprop=\"name\" content=\"AMBCrypto\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n<\/p><\/div>\n<p><a href=\"https:\/\/ambcrypto.com\/bnb-sides-with-bulls-as-binance-adopts-safety-measures-to-combat-defi-hacks\/\" class=\"button purchase\" rel=\"nofollow noopener\" target=\"_blank\">Read More<\/a><br \/>\n Suzuki Shillsalot<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A Joint Anti-Scam Campaign was launched by Binance to combat crypto-related scams. High-profile hacks have eroded customers\u2019 confidence in centralized exchanges.\u00a0 The world\u2019s largest cryptocurrency exchange, Binance was at the center of a sensational $570 million hack in October last year. Hackers exploited a bug in the BNB chain\u2019s smart contract and transferred about 2<\/p>\n","protected":false},"author":1,"featured_media":614798,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[25369,27438],"tags":[],"class_list":{"0":"post-614797","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-bulls","8":"category-sides"},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/614797","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/comments?post=614797"}],"version-history":[{"count":0,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/614797\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media\/614798"}],"wp:attachment":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media?parent=614797"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/categories?post=614797"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/tags?post=614797"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}