Binance Hacked- Hackers Stole $40 Million in Bitcoin

Binance Hacked
Binance Hacked

Hackers stole 7000 Bitcoin, worth nearly $41 million USD at current price.

One of the Top Cryptocurrency Exchange Binance Hacked. Currently, Company disabled the withdraw transactions.

Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies. Since early 2018, Binance is considered as the biggest cryptocurrency exchange in the world in terms of trading volume.

Binance was unveiled the breach in its blog.

Hackers were able to obtain a large number of user API keys, 2FA codes, and potentially other info. The hackers used a variety of techniques, including phishing, viruses and other attacks and able to withdraw 7000 BTC to blockchain address.

The above transaction is the only affected transaction. It impacted our BTC hot wallet only (which contained about 2% of our total BTC holdings). All of our other wallets are secure and unharmed.

Also Read- CryptoJacking: A Technique Using By Hackers To Mine CryptoCurrencies

The hackers had the patience to wait, and execute well-orchestrated actions through multiple seemingly independent accounts at the most opportune time. The transaction is structured in a way that passed our existing security checks. It was unfortunate that we were not able to block this withdrawal before it was executed. Once executed, the withdrawal triggered various alarms in our system. We stopped all withdrawals immediately after that.

Binance will use the #SAFU fund to cover this incident in full. No user funds will be affected.

The Investigation is Ongoing

Binance said, we must conduct a thorough security review. The security review will include all parts of our systems and data, which is large. We estimate this will take about ONE WEEK. We will post updates frequently as we progress.

Most importantly, deposits and withdrawals will need to REMAIN SUSPENDED during this period of time. We beg for your understanding in this difficult situation.

It’s Might Be Possible, Binance Still Under Cyber Attack

Binance said, we will continue to enable trading, so that you may adjust your positions if you wish. Please also understand that the hackers may still control certain user accounts and may use those to influence prices in the meantime. We will monitor the situation closely. But we believe with withdrawals disabled, there isn’t much incentive for hackers to influence markets.

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