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Binance, the largest crypto exchange firm in the world by trading volume, announced that it has now successfully transferred the rebates that it promised its users, Etherum World News reported. The compensation was due to the attack suffered by the exchange which resulted in 1 Syscoin trading for 96 Bitcoin.
During the attack, unknown entities managed to compromise Syscoin’s token production by employing what’s called as a buffer overflow vulnerability. As confirmed by the Syscoin block explorer, the hackers were able to mine a billion Syscoins on a single block.
This was thought to be impossible since the developers set Syscoin to an 888-million limit. When Syscoin’s value was inflated to enormous figures, the hackers then exchanged a single Syscoin for 96 Bitcoins. When it noticed the abnormal upswing of one of its listings, Binance announced an emergency system maintenance, which lasted 12 hours.
After the vulnerability has been addressed, Binance then announced that it was going to provide a 70 percent rebate on trading fees that occurred between July 5 and July 14, 2018. The rebate will come in the form of the exchange’s native currency, BNB, and will be valued based on the closing price on July 14. The compensation has been given today and users are reportedly seeing an increase in BNB amount in their digital wallets.
Moreover, Binance will develop a Secure Asset Fund for Users (SAFU) in order to protect its traders from events like the incident described above. The exchange announced that 10 percent of all trades starting from July 14 will be funneled to SAFU to act as a shield for users and their investments. The collected amount will be stored in a cold wallet to ensure the safety of this contingency fund.
Despite the hacking, Binance’s operation is still growing, with the exchange projecting a $500 million to $1 billion profit by the end of the year. Also, the company is set to conduct its fourth token burn, which got their users excited for the upcoming event.
