<keyword id="2721952" type="General" weightage="50" keywordseo="crypto" source="Orion">Crypto</keyword> analytics platform <keyword id="5632388" type="General" weightage="100" keywordseo="nansen" source="Orion">Nansen</keyword> has issued a <keyword id="608402" type="General" weightage="20" keywordseo="data-breach" source="Orion">data breach</keyword> alert, revealing that a hacker gained access to its admin system and used it to provision customer accounts. The company also sent emails to affected users asking them to reset their passwords. "On September 20, Nansen was notified by one of our third-party vendors that their systems had been compromised. A breach on the vendor's side gave an attacker access to admin rights to an account used to provision customer access to our platform," Nansen said in a notice shared on X. However, the company managed to stop the unauthorised access shortly after learning about it and launched an immediate investigation. According to Nansen, the vendor is a well-established entity trusted by Fortune 500 companies as well as other companies in the same industry to manage customer data. Moreover, the company's preliminary investigations over the 48 hours revealed that about 6.8 per cent of our users were impacted. "These users had their email addresses exposed, a smaller portion also had password hashes exposed, and a last, smallest group also had their blockchain addresses exposed. We have informed our users via email if and how they've been affected," Nansen stated. On September 21, Nansen swiftly reached out to its affected users via email asking them to reset their passwords. Last week, global cryptocurrency exchange CoinEx, which recently suffered a data breach, asked hackers to negotiate with the company while also promising a generous bounty reward if they return the stolen assets. Hackers behind the CoinEx attack were identified as the North Korean-sponsored <keyword id="4538320" type="General" weightage="50" keywordseo="lazarus-group" source="Orion">Lazarus Group</keyword>. On September 15, CoinEx stated in an open letter, which it posted on X that the hack incident served as a lesson for the company and made it more aware of its responsibility to ensure robust asset security.

Crypto firm Nansen issues data breach alert, asks users to reset password

<ul class="summary-list"><li>Investors are worried that cracks are starting to appear at Binance after the shocking collapse of FTX.</li><li>The crypto exchange giant faces questions about its reserves, and it is under investigation by the DOJ.</li></ul>Customers drained billions of dollars from Binance's crypto platform last week — just one reason the spotlight is on the company in the wake of the FTX implosion.Spooked investors are on the alert for signs of trouble <a href="https://markets.businessinsider.com/news/currencies/will-crypto-market-recover-outlook-expert-forecasts-trading-volume-decline-2022-12">after the collapse</a> of now-bankrupt FTX, the <a href="https://markets.businessinsider.com/news/currencies/sam-bankman-fried-ftx-crypto-exchange-valuation-billionaire-bitcoin-ethereum-2022-2">once-$32 billion</a> crypto empire founded by Sam Bankman-Fried. Some are worried that cracks may be starting to appear at Binance.Here are 5 things to know about what's happening at Binance, and why it's got the crypto community wondering.<h3>People are worried about Binance's holdings of customers' funds</h3>After FTX's bankruptcy showed its <a href="https://markets.businessinsider.com/news/currencies/sam-bankman-fried-arrest-ftx-users-say-no-relief-bankruptcy-2022-12">coffers were bare</a>, crypto firms came under pressure to show their customers' holdings were safe and they could pay up if there was a <a href="https://markets.businessinsider.com/news/currencies/binance-ftx-acquisition-sam-bankman-fried-insolvency-rumors-contagion-fears-2022-11">rush of withdrawals</a>. On top of that, Reuters reported that FTX's Bankman-Fried <a href="https://markets.businessinsider.com/news/currencies/ftx-crash-client-funds-alameda-binance-sbf-sec-cftc-probe-2022-11">quietly transferred at least $4 billion</a> in user funds to sister trading firm Alameda Research after it suffered losses.Binance sought to boost confidence in its own business by getting a "<a href="https://markets.businessinsider.com/news/currencies/crypto-proof-of-reserves-what-means-not-enough-ftx-binance-2022-11">proof of reserves</a>" report. It <a href="https://markets.businessinsider.com/news/currencies/binance-donald-trump-accountant-mazars-proof-of-reserves-crypto-bitcoin-2022-11">enlisted accounting firm Mazars</a> to verify its holdings, to maybe reassure customers their funds are still in their accounts and not loaned out.But <a href="https://twitter.com/JohnReedStark/status/1601760070806560768">legal experts</a> and <a href="https://twitter.com/search?q=binance%20nouriel&amp;src=typed_query&amp;f=top">others</a> said the platform's users shouldn't be satisfied with the Mazars report, as it didn't dig into how good the financial controls were. Even though it suggested Binance's situation was solid, it also showed bitcoin liabilities were <a href="https://www.wsj.com/articles/binance-is-trying-to-calm-investors-but-its-finances-remain-a-mystery-11670679351">$245 million bigger</a> than assets, an the WSJ reported.Nearly half of <a href="https://markets.businessinsider.com/news/currencies/crypto-news-binance-reserves-are-mostly-busd-binancecoin-cz-sbf-2022-11">the company's $75 billion reserves</a> are in its own stablecoin BUSD and its native token binance coin (BNB), according to Bloomberg.On Friday, the accounting firm <a href="https://markets.businessinsider.com/news/currencies/cryptocurrency-ftx-binance-proof-of-reserves-auditor-mazars-halts-work-2022-12">suspended its proof-of-reserves work with Binance</a> and other crypto clients "due to concerns regarding the way these reports are understood by the public," the <a href="https://www.ft.com/content/bb50a204-5239-4db0-9964-c3bf9339c594">FT reported</a>.<h3>Customers pulled a net $3 billion in funds in the space of a day</h3>Binance has seen heavy withdrawals in recent days as questions about its reserves and a <a href="https://markets.businessinsider.com/news/currencies/crypto-binance-reportedly-processed-over-10b-in-illegal-payments-2022-2022-12">DOJ investigation </a>built. Meanwhile, the <a href="https://markets.businessinsider.com/news/currencies/crypto-ftx-sam-bankman-fried-arrest-charges-hearing-maxine-waters-2022-12">arrest of FTX founder Bankman-Fried</a> eroded trust in crypto further.On Tuesday, Binance logged its highest daily withdrawals since June, with net outflows of $3 billion over just 24 hours, according to <a href="https://twitter.com/nansen_ai/status/1602673823651864577">Nansen data</a>. The exchange was forced to temporarily <a href="https://markets.businessinsider.com/news/currencies/crypto-binance-freeze-usdc-withdrawals-changpeng-zhao-cz-ftx-collapse-2022-12">freeze withdrawals</a> of <a href="https://coinmarketcap.com/currencies/usd-coin/" rel=" nofollow">USD Coin</a> while it boosted its holdings of the stablecoin.Just over a month ago, the crypto giant held $69.5 billion in digital assets in publicly disclosed wallets, <a href="https://twitter.com/nansen_ai/status/1603949786771517440">according to Nansen</a>. That total's now $54.7 billion due to large withdrawals and price fluctuation, it said.<h3>There's a DOJ investigation into Binance focused on money laundering</h3>Adding fuel to the fire were reports the US Justice Department has been investigating Binance over the company's compliance with financial crime rules.Prosecutors are <a href="https://markets.businessinsider.com/news/currencies/crypto-binance-reportedly-processed-over-10b-in-illegal-payments-2022-2022-12">considering</a> whether to file criminal charges against its founder Changpeng Zhao and other executives, according to <a href="https://www.reuters.com/markets/us/us-justice-dept-is-split-over-charging-binance-crypto-world-falters-sources-2022-12-12/">Reuters</a>. These would cover money laundering conspiracy, unlicensed money transmission, and criminal sanctions violations.Reuters calculated that Binance processed over $10 billion in illegal payments in 2022 and said it tried to evade regulators, which the <a href="https://twitter.com/binance/status/1602287184400326656">crypto giant disputed</a>.<h3>Binance CEO "CZ" isn't fazed and says it's business as usual</h3>Zhao, commonly known as "CZ", has <a href="https://markets.businessinsider.com/news/currencies/crypto-news-binance-says-assets-backed-one-to-one-ftx-2022-12">doubled down on trying to ease</a> customers' worries about Binance's liquidity. He's <a href="https://twitter.com/cz_binance/status/1602590863451889665" rel=" nofollow">pushed back</a> against what he sees as "FUD" — the spread of baseless fear, uncertainty and doubt."People can withdraw 100% of the assets they have on Binance. We will not have an issue at any given day," he told CNBC on Thursday. "Crypto businesses have to hold user assets one-to-one, and that's what we do."Earlier in the week, Zhao <a href="https://markets.businessinsider.com/news/currencies/binance-outflows-billion-ceo-cz-ftx-cryptocurrency-markets-exchange-bankman-2022-12?utm_medium=ingest&amp;utm_source=markets" rel="">shrugged off</a> the heavy outflows from the exchange as "business as usual". And after Binance lifted its freeze on USDC withdrawals, he welcomed the welcomed the events as a credibility-building <a href="https://twitter.com/cz_binance/status/1602905590384181248">"stress test"</a> of the exchange's resilience.<h3>But he warned Binance staff there's a "bumpy" road ahead </h3>While Zhao played down concerns, issues remain. The young billionaire told staff that FTX's problems have put "a lot of extra scrutiny and tough questions" on Binance, which need to <a href="https://markets.businessinsider.com/news/currencies/crypto-binance-ceo-cz-warns-staff-bumpy-times-unfreezes-withdrawals-2022-12">weather a confidence crisis</a>."While we expect the next several months to be bumpy, we will get past this challenging period — and we'll be stronger for having been through it," he said in a memo viewed by Bloomberg.

Binance, the world's biggest crypto exchange, is now under intense scrutiny after the FTX debacle. Here are 5 things you need to know.

<ul class="summary-list"><li>Leading crypto exchage Binance temporarily halted withdrawals of the USDC stablecoin on Tuesday.</li><li>Customers have pulled over $2 billion in funds in 24 hours as concerns about its stability grow.</li></ul>Binance has temporarily paused withdrawals of a major stablecoin after customers pulled over $2 billion in funds, as worries about the crypto exchange's stability grow after the collapse of FTX.The world's largest crypto exchange will freeze all withdrawals of <a href="https://coinmarketcap.com/currencies/usd-coin/">USD Coin</a> while it conducts a "token swap" to boost its holdings of the dollar-pegged token, CEO Changpeng Zhao said Tuesday."On USDC, we have seen an increase in withdrawals," the Binance boss, commonly known as "CZ", <a href="https://twitter.com/cz_binance/status/1602579499903852544">tweeted</a>.Binance has faced questions over transparency about its reserves and reports of an imminent investigation by US prosecutors in recent days, which have rattled some crypto investors in the wake of the collapse of now-bankrupt rival FTX.Binance requires traditional fiat currency held by a New York bank to swap some of its <a href="https://coinmarketcap.com/currencies/paxos-standard/">Paxos Standard</a> and <a href="https://coinmarketcap.com/currencies/binance-usd/">Binance USD</a> stablecoins for USDC, so that it has sufficient holdings of the token for withdrawals to continue, Zhao added."The banks are not open for another few hours," he said. "We expect the situation will be restored when the banks open."USDC has its value fixed at $1, and it is used by some crypto traders as a place to park their cash at times of high uncertainty or volatility.The stablecoin maintained its dollar peg Tuesday, while <a href="https://coinmarketcap.com/currencies/bnb/">Binance Coin</a> — a native token that is seen as reflecting customers' trust in the exchange — had slipped 5.12% to trade at just under $269 at last check Tuesday.Binance halted USDC withdrawals after customers pulled over $2 billion worth of cryptocurrency from the exchange Monday, according to data from blockchain intelligence platform <a href="https://twitter.com/nansen_ai/status/1602618067598442503">Nansen</a>.Those withdrawals came after <a href="https://www.wsj.com/articles/binance-is-trying-to-calm-investors-but-its-finances-remain-a-mystery-11670679351">top accountants</a> and <a href="https://twitter.com/JohnReedStark/status/1601760070806560768">legal experts</a> slammed a proof of reserves report published last week, where Binance claimed its <a href="https://markets.businessinsider.com/currencies/btc-usd">bitcoin</a> holdings were overcollateralized – which would mean it held more than enough of the token to cover its losses in case of a default.US prosecutors are revving up to charge CZ's crypto group for violating anti-money-laundering regulations from 2018 onwards, <a href="https://www.reuters.com/article/idUSL8N3321X6">Reuters</a> reported Monday. The report said Binance processed <a href="https://markets.businessinsider.com/news/currencies/crypto-binance-reportedly-processed-over-10b-in-illegal-payments-2022-2022-12">over $10 billion worth of illegal payments</a> in 2022.In <a href="https://twitter.com/cz_binance/status/1602590863451889665">follow-up tweets</a> Tuesday, CZ called on Binance customers to avoid acting based on "FUD" – an acronym for the feelings "fear, uncertainty, and doubt" that crypto bulls believe drive some traders away from the digital asset space.Crypto investors are on alert for any sign that the problems that helped pull down FTX could spread to other platforms. The now-bankrupt crypto exchange collapsed after facing a liquidity squeeze, and over 1 million customers may have lost money, according to NPR.At the request of the US, authorities in the <a href="https://markets.businessinsider.com/news/stocks/sam-bankman-fried-arrested-in-the-bahamas-authorities-say-2022-12">Bahamas arrested FTX's founder and former CEO Sam Bankman-Fried</a> on Monday. He faces allegations he illegally misused billions of dollars in FTX customer funds to prop up sister trading firm Alameda Research.Binance representatives declined to comment further on this story.Read more: <a href="https://markets.businessinsider.com/news/currencies/nouriel-roubini-dr-doom-binance-chanpeng-zhao-cz-ftx-sbf-2022-11">Nouriel Roubini slams Binance boss CZ as a 'walking time bomb' and says crypto is totally corrupt</a>

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Crypto firm Nansen issues data breach alert, asks users to reset password

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Binance, the world's biggest crypto exchange, is now under intense scrutiny after the FTX debacle. Here are 5 things you need to know.

Zahra Tayeb

Crypto exchange Binance freezes withdrawals of stablecoin USDC as rattled investors pull $2 billion in funds

George Glover