February 23, 2024

Binance crypto exchange recently claimed that a code leak on GitHub was negligible. Also, Binance claimed that the code was outdated; therefore, the threat was minimal. However, the GitHub takedown request posted labeled the code leak a significant risk. 

According to news outlet 404 a sensitive cache of code, diagrams, internal passwords, and technical information from Binance was exposed to the public. 404404 also stated that this sensitive information has been on a publicly accessible GitHub repository for several months. 

Binance succeeded in convincing GitHub to remove the data through a copyright takedown request last week. However, some members of the public already had access to the information. 

Also, Binance, in the takedown request, stated that the account is using their client’s internal code, posing a significant risk to it. One diagram in a folder detailed scripts and codes on Binance and how it implements passwords. 

These leaks were posted on GitHub by an account named Termf. However, it remains uncertain if the information was uploaded accidentally to GitHub by a Binance employee or if a hacker accessed the information. 

While Binance claims that the information was negligible, the takedown request makes it obvious that some sensitive data was exposed. 

Other Significant Issues Surrounding Binance and Its Operations

In another development, three families of American victims affected by the October 7, 2023, Hamas attack on Israel sued Binance and ex-CEO Changpeng Zhao. The complainants sued the respondents on the grounds of providing tangible assistance to terrorists. 

The affected families are represented by Seiden Law LLP. Also, Iran and Syria are labeled as state sponsors of terrorism and are also on the lawsuit. According to the filing, BNB and its co-founder Changpeng Zhao allowed Hamas to use its crypto platform for transactions. 

However, BNB arrived at a $4.3 billion settlement with the US Treasury Department in 2023. Also, Binance acknowledged that Hamas and other terrorists illegally used the exchange, leading to the resignation of Zhao as CRO. 

Consequently, analytical platform Kaiko noted that its market share is recovering its market share is recovering two months after the BNB settlement. Also, the volumes increased to 49%, recovering from multi-year lows. 

 

Another event unfolding in Binance’s turf is that the judge, in its ongoing case with the SEC, Amy Berman Jackson, has ordered a court review to find out if digital assets are securities. Judge Jackson stated that she would hear arguments on the SEC’s treatment of cryptocurrencies under the present regulations. 

So, lawyers representing Binance.US will be permitted to respond to whether a digital asset remains a security or not. Additionally, Judge Jackson stated that the court intends to hear the argument that an investment contract must involve a contractual undertaking. 

Amid the legal tussles, the BNB native token (BNB) has dropped below $300  as the crypto market sheds some gains. 


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