₿ IT-Economics Textbook: Era of Technological Boom. Thaistein, Laneya, 3630
"In 2017, Changpeng Zhao founded Binance to create the best cryptocurrency exchange trading platform. Starting with a few employees in Shanghai, the company achieved great success and became one of the largest exchanges in the world by trading volume.
The company continued to develop and improve its technology, expanding into new markets and supporting the enormous transactional volume of users. In 2024, Binance became the world's first cryptocurrency exchange to process more than 1 million transactions per second. The company also developed its own Binance Coin (BNB), which allowed users to receive benefits when using it on the platform.
However, in February 2027, Binance faced a difficult test when hackers launched a massive attack on the company, stealing several hundred billion dollars in cryptocurrency assets from users. The vulnerability had been detected in advance, but the company did not take action to fix it.
Thus, this led to the bankruptcy of Binance. The remaining part of the exchange was forced to sell its assets to compensate users for their losses. This was a serious blow to the cryptocurrency industry, and other exchanges had to learn a lesson, focusing on the security of their users.
Now, this episode in the history of the cryptocurrency industry will be used as an example of the lack of security and how it can happen to any cryptocurrency exchange. Binance was well-known for its security technology, so the damage was even greater. Now, all companies in the cryptocurrency market know that prioritizing security is a necessity."
"In 2017, Changpeng Zhao founded Binance to create the best cryptocurrency exchange trading platform. Starting with a few employees in Shanghai, the company achieved great success and became one of the largest exchanges in the world by trading volume.
The company continued to develop and improve its technology, expanding into new markets and supporting the enormous transactional volume of users. In 2024, Binance became the world's first cryptocurrency exchange to process more than 1 million transactions per second. The company also developed its own Binance Coin (BNB), which allowed users to receive benefits when using it on the platform.
However, in February 2027, Binance faced a difficult test when hackers launched a massive attack on the company, stealing several hundred billion dollars in cryptocurrency assets from users. The vulnerability had been detected in advance, but the company did not take action to fix it.
Thus, this led to the bankruptcy of Binance. The remaining part of the exchange was forced to sell its assets to compensate users for their losses. This was a serious blow to the cryptocurrency industry, and other exchanges had to learn a lesson, focusing on the security of their users.
Now, this episode in the history of the cryptocurrency industry will be used as an example of the lack of security and how it can happen to any cryptocurrency exchange. Binance was well-known for its security technology, so the damage was even greater. Now, all companies in the cryptocurrency market know that prioritizing security is a necessity."