Home Technology Hackers steal over $40 million worth of Bitcoin from Binance

Hackers steal over $40 million worth of Bitcoin from Binance

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WED, MAY 08 2019-theG&BJournal- Binance, one of the world’s biggest cryptocurency exchanges fell victim to bitcoin thieves yesterday who hacked and withdrew 7000 BTC in one transaction worth about $40 million.

The transaction impacted is https://www.blockchain.com/btc/tx/e8b406091959700dbffcff30a60b190133721e5c39e89bb5fe23c5a554ab05ea

Binance discovered the large scale breach yesterday at 17:15:24 (UTC).

The cryptocurency exchanges said the hackers were able to obtain a large number of user API keys, 2FA codes, and potentially other info and used a variety of techniques, including phishing, viruses and other attacks.

‘’We are still concluding all possible methods used. There may also be additional affected accounts that have not been identified yet,’’ Binance said, adding that the breach impacted their BTC hot wallet only (which contained about 2% of our total BTC holdings). All of our other wallets are secure and unharmed.

Binance said 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 said it will use the #SAFU fund to cover this incident in full and assured that no user funds will be affected.

‘’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.’’

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