Binance: A Prime TargetIn all, he said that the system is back up-and-running and funds remain safe. It is currently unclear which domains were targetted and there has been no official detailed report on the attack put out by the exchange at the time of publishing. Zhao’s claim that it suffered an attack from competitors does not seem that far-fetched, however. Binance has many competitors that have been clawing their way to the top in the hopes of dethroning it by copy-catting its likeness and services. As BeInCrypto recently reported, Bitcoin futures markets are now dominated by Binance but Huobi is close behind.
Competitors Fight for Market SharesSome competitors have been aggressively trying to eat up Binance’s market share. For example, when the exchange delisted leveraged tokens in late March, BitMax almost immediately announced it would be supporting these tokens soon after. However, Binance seems just as likely to be hurt by its own actions. The exchange is often caught and embroiled in controversy. Earlier this month, it was revealed that a case would soon be brought forward against Binance for allegedly embezzling nearly $1M in cryptocurrencies. Zhao has also been unabashedly vocal in some of his communications on social media, which often results in some backlash from those in the community. All this withstanding, however, Binance continues to dominate trading volume for the market. Now leading the pack for Bitcoin futures, it hopes to see similar interest in its recently-released options market.
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