One of the most respectable and the biggest crypto exchanges in the world Binance was hacked yesterday. It has already influenced the whole market — after a rapid bull growth marked turned all red. And I have to admit that this is a drama for all of the crypto enthusiasts.

You can find this news all around the Internet. There are a lot of articles and posts. This panic has sprung around the whole crypto society, and I think it’s time to calm down. That is why I’ve decided to briefly highlight the situation and discuss what should be done next.

Binance hacker attack in a nutshell:

Hackers stole 7000 BTC;

Everything except the hot wallet is in safe;

The funds will be recovered from the Binance exchange funds;

All the operations with coin withdraws will be stopped for a week due to the security audit. All the trading operations will work in the usual mode;

The BNB price has already fallen for 10%.

And this is the Binance representatives official statement passage:

“Binance will use the #SAFU fund to cover this incident in full. No user funds will be affected.

We must conduct a thorough security review. The security review will include all parts of our systems and data, which is large. We estimate this will take about ONE WEEK. We will post updates frequently as we progress.

Most importantly, deposits and withdrawals will need to REMAIN SUSPENDED during this period of time. We beg for your understanding in this difficult situation.

We will continue to enable trading, so that you may adjust your positions if you wish. Please also understand that the hackers may still control certain user accounts and may use those to influence prices in the meantime. We will monitor the situation closely. But we believe with withdrawals disabled, there isn’t much incentive for hackers to influence markets.”

We will never forget this story, but this is a good lesson for all of us: if you want to save your money — protect it. So what we should do? I don’t know about you, but I will sit and wait for this situation to blow over.