Review on Binance by onur bln
BİNANCE
Cryptocurrency exchange, which was left in a difficult situation by the wave of attacks.
Most such exchanges have application programming interfaces *. You create and authorize a key * and a password * for the same key. You can provide these two identical codes to programs that use interfaces to manage the exchange.
these interfaces are used by many users behind the scenes in most areas of our lives. A simple example can be given as being warned about what the games on Facebook can reach by giving a warning in a small window, you approve those permissions and the game uses your profile information.
There are bots that work through these upa and aim to make a profit by trading in many exchanges. Written by developers or self-developers, these applets are shared in environments where open source projects such as github are exhibited and are used by people with their own upa access in hopes of making money through automatic trading.
There is a big risk here, because these bots can be used for experimental or phishing purposes. The popularity of these unstable programs, whose gaps have not been closed, increases automatically as they spread.
The series of recent events on the binance exchange that resulted in the prevention of cryptocurrencies from withdrawing from the exchange wallets was due to this risk. The fraudsters who took advantage of the vulnerability in a trading bot that has a mass of use in their own right, obtained the keys that the users of the bot put into the bot and sold the altcoins of these people and bought a cheap altcoin they had bought before, and by selling their own coins that increased in value, they pulled their balances and became dust.
two questions come to mind here, what is a beating? why is it discarded? not of course:
-Why did these scammers choose to manipulate people's coins to their own accounts?
Because when you create the upa key and password match I mentioned, binance keeps the withdrawal permission from wallets disabled by default, so if users did not manually enable this permission, the bot did not have the authority to do so in most of the accounts.
- Why did binance decide to stop everyone's wallet withdrawal?
Fetöcüler is everywhere :) may have more api keys in their hands, or if these people are still in the stock market, these users can leave their assets without being detected.
As a result, the binance and crypto community lost their prestige as a result of people using this technology by risking their own security without knowing or thinking about the consequences.
correction: explanation came from binance. The accounts were obtained by phishing technique from a site similar to the binance domain name. This refutes the thesis in the first question, so they thought that through manipulation, accounts trading on binance would also be fooled into this false rise and get much more.
Pros
- an exchange that automatically deducts the commission from bnb, and reduces the discount rate from 50% to 25% if the cut commission from bnb option is turned on
- The largest exchange in the altcoin market.
- The crypto exchange that has been making great increases in recent months
Cons
- An exchange that does not send by SMS for login, so you cannot login.
