Hackers make off with $41 million in Binance hack

12 May, 2019, 03:46 | Author: Gerard Cortez
  • Binance hacked for 7,000 Bitcoin in “large scale security breach” - Decrypt

Binance, which is based in Malta but has over 400 workers spread across more than 40 countries, was the highest profile exchange to be hit since hackers stole cryptocurrency worth $530 million dollars from the Tokyo-based Coincheck in January 2018. Zhao said several community experts are watching every Binance wallet, adding they are also investigating all other areas of the system to ensure no stone is left unturned.

This, Binance states is a security breach at a large scale.

"The hackers had the patience to wait and execute well-orchestrated actions through multiple seemingly independent accounts at the most opportune time".

Once the withdrawal was completed, it triggered various alarms in the site's system, and so all withdrawals were immediately stopped after it. Luckily for Binance, they have what they call SAFU, the Secure Asset Fund for Users which is an emergency insurance fund. It was unfortunate that we were not able to block this withdrawal before it was executed.

"The transaction is structured in a way that passed our existing security checks", he said. In the meantime, Binance has used its Secure Asset Fund for Users to give back the lost bitcoin to the victims of the heist. "There may also be additional affected accounts that have not been identified yet". "But we believe with withdrawals disabled, there isn't much incentive for hackers to influence markets". This fund will be stored in a separate cold wallet.

Speaking about the latest security breach update, CZ stated that the exchange team is making progress with the goal of resuming deposits and withdrawals, as soon as possible.

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If history has taught us anything is that nobody is 100% protected against hackers, despite all the security measures they may take into consideration when developing and updating their platforms.

The company also warned that hackers still have control over certain user accounts and may exploit those accounts again.

Since May 1, 2019, bitcoin's price has been rising, reaching a top of over $6,000.

To make the situation better, the company has suspended all deposits and withdrawals, and requested its clients to understand the situation of the company.

Economist Alex Krüger commented that "in a bear market this would have easily have caused a deluge", while Ethereum advocate Anthony Sassano added that "the largest crypto exchange gets hacked and the market shrugs it off within a few hours ..."

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