Posted 2 years ago | by Ben Armstrong

Hiding the Truth is the Same as Lying

Yesterday we posted an article on the Binance KYC Hack drama and walked away with more questions than answers. Today, Coindesk has provided a lot of the answers.

Coindesk has some exclusive insider info to the story considering they have actually been in touch with the individual trying to extort Binance. They have screenshots of chats that show the negotiations between the hacker and Binance employees.

The story starts back in May when Binance was hacked for 7,000 BTC. They said at the time that API keys were also jeopardized & "potentially" other user info. However, Coindesk reports that Binance knew that customer information was in fact stolen and hid the full extent of the hack.

For its part, Binance announced the stolen bitcoin came only from their corporate accounts and did not affect consumers. At the time, the exchange also suspended deposits and withdrawals to protect users. However, the extent of leaked user information was kept secret.

Binance clearly withheld information from users to protect its reputation. CZ called this entire story FUD and immediately began putting his positive spin on it. The fact is Binance was hacked, lied about the extent of it, and are now scrambling to keep their users.

Binance has not confirmed that the KYC images actually are their users. However, it does appear that is most likely the case. Why else would Binance engage in active negotiations if they did not have reason to believe the info was real?

Maybe one day Binance will tell people the truth about what happened without being forced to.

With Americans having to leave the largest trading exchange by next month, some other exchange will have the opportunity to rise up as a strong competitor. The question is which exchange will challenge Binance.

To see more about this story and others watch BitBoy Crypto's latest Bitcoin News Video:

[youtube v="RSZV4NlgJYo"]