The news of the world’s largest crypto exchange, Binance, getting hacked spread around the internet within minutes, and before long — the entire community knew about it. There is still not a lot of information available regarding the hack, but what is known is that 7,000 BTC ($40 million) was stolen during the incident.
According to Binance’s official statement, the attackers managed to access one of the exchange’s hot wallets, which held around 2% of their total BTC. For now, the exchange has opted to stop all withdrawals and deposits until it combs through its systems in an attempt to find the flaw that let hackers in. Meanwhile, the community has reacted in some very different ways.
Justin Sun offers help
While there were as many reactions as there are members in the community, one response to the news stood out. It came from CEO of TRON (TRX), Justin Sun, who openly tweeted that he plans to support Binance by personally depositing $40 million in Tether (USDT). With the money, Sun plans to buy BTC, BNB, TRX, and BTT, provided that Binance’s CEO, Changpeng Zhao, agrees.
— Justin Sun (@justinsuntron) May 8, 2019
While there were many who saw this as a generous act, there were also those who view it as an attempt to manipulate the prices through BTT and TRX pumps.
Justin Sun is known for taking advantage of current crypto events and using them for promotions of his own coins, so many see this as just another example of his efforts. However, there is also the fact that TRON has a close relationship with Binance. In January of this year, Binance brought back its Binance Launchpad platform, and the first token it sold was TRON blockchain’s BTT.
Not to mention the fact that the world’s largest exchange openly supported TRON and BitTorrent token. However, many are wondering whether Sun is actually helping anyone but himself by doing this. It is already well-known that he has interest in coins that he mentioned, and he is not really donating funds to Binance — he is simply using his own USDT to purchase four other coins.
With that in mind, it is hardly surprising that Sun faced a lot of backlash for his ‘PR stunts’ after posting this tweet. As mentioned, he is known as someone who takes advantage of every situation. This is not a bad thing by itself and is likely one of the reasons why TRON started getting attention, and why it advanced as quickly as it did. Even so, trying to pump its price publicly and openly was not received well by the community.
Crypto prices’ reaction to the news
Meanwhile, it would appear that Bitcoin price did not react to the theft in any significant way. The coin is currently seeing growth, and it breached its major resistance at $6,000 for the first time since mid-November 2018. It is as if the theft never even happened, at least when looking at the coin’s price. The price continued to grow by 3.25% in the past 24 hours, and it currently sits at $6,079.07.
Bitcoin’s market cap has also exceeded $100 billion recently, and it currently sits at $107.54 billion, while its daily trading volume exceeded $15.76 billion in the past day. Bitcoin certainly seems to be doing well, although the same cannot be said about other coins Sun offered to buy. TRX and BNB are both tradings in the red, losing over 2% of their value in the past 24 hours.