Hacker Released 10,000 KYC Profiles Of Binance Customers, Coindesk Reports

Binance KYC hacking documented by CoinDesk 
Binance Coin (BNB), the platform's exchange token has risen over 8% since hack
Crytpo and Bitcoin Market Cap Story of Day

Crytpo and Bitcoin Market Cap Story of Day

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CRYPTO STORY OF THE DAY

Last Week A Hacker Released What Appeared To Be 10,000 KYC Profiles Of Binance Customers - The Episode Has Been Documented At Length By CoinDesk - Notably, Binance Coin (BNB) Has In Fact Rallied Since The News

The hacker has apparently been in discussions with both Binance and CoinDesk for over a month. CoinDesk has been particularly keen to tell the story as they claim the self-proclaimed 'white-hat hacker' started discussions with them first. The individual claims that they have information on the 7,000 BTC June Binance hack and that the KYC information was stolen from that hacking organization. Binance has stated that the KYC information does not exactly match their records and that they believe it may have been taken at a time they were outsourcing to a 3rd party. Since the news, Binance Coin (BNB), the platform's exchange token has risen over 8%.

Takeaway: The episode is a strange one but without a doubt negative for Binance. The platform seemed to hope the June hack would blow over after they covered customer losses and claimed to have fixed the vulnerability. The story the hacker and CoinDesk are telling speaks to something more convoluted and is complicating the prior narrative. The fact that BNB has actually rallied on this news is notable. Similar to how the NYAG's lawsuit marked the lows for Bitfinex share prices, Tether spreads etc... BNB only turned around when this latest news had hit. In a space with such little oversight one questions what was being done with the additional hacker information for the 1-month, they were speaking to CoinDesk.

About the Author

FRNT Financial is an Institutional Brokerage which offers clients a variety of products along with research & analytics in the crypto-space.