Binance, the biggest cryptocurrency exchange in the industry has seen exponential growth this year. The token used to be worth around $6 this time last year but is now worth $30. The coin has seen been growing especially fast the past week, with a near-11% growth in just 24 hours.
This could be seen as surprising considering the industry-shaking hack that occurred yesterday, where an unidentified individual leaked hundreds of images containing personal KYC (Know Your Customer) data of Binance users, such as their passports, licenses and pictures. While these images were leaked earlier this year on the dark web, yesterday a person asked Binance for a ransom of 300 BTC in exchange for not leaking the images on major social media platforms. When Binance did not comply, the data dump started occurring on Telegram, the messaging platform.
Binance confirmed that the pictures were not taken from its servers, as they lacked the hidden digital watermark that the company places as a security measure. They suspected it was taken from a third-party who they had contracted previously.
Users and community members were shocked and disappointed by this news and the company issued a public statement to reassure the public. Binance CEO, Changpeng Zhao or ‘CZ’ also tweeted multiple times to reassure the community.
It seems that their efforts were successful, given that the Binance Coin did not drop in value, and in contrast, is showing the greatest growth compared to other altcoins, many of which are dropping in value. Even the daily volume has risen, from under $200 million to over $350 million.
This may be due to the many updates and announcements made by the company over the past few days. Most of these announcements have been made through the Twitter of Binance CEO, CZ, who has more than 400K followers on Twitter and has been described as an ‘ambassador’ for cryptocurrency.
Some of these updates include a partnership with Crypto.com, the announcement of an ICO on the Binance Launchpad for the startup Perlin, the enabling of margin trading for Canadians, expansion into the European market with a London office, and the introduction of new stablecoins on Binance DEX.