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.

National Basketball Association play-offs: Milwaukee Bucks beat Boston Celtics to make Eastern final
Before important games, a Bucks front-office staffer often shoots a text message to a few of the Milwaukee Bucks' players. After the game, the Celtics players and coaching staff had to answer for the disappointing end to the season.

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 ..."



"Hello..." Watch the first trailer for It: Chapter Two - if you dare
There are only a few more shots in the trailer that are truly creepy once we get to the "teaser" part of the teaser trailer . With the trailer released one can find it to be very much haunting for the audience for a film releasing on 6th September.

Donald Trump son Donald Jr subpoenaed by Senate panel
In February, the committee concluded that there is no evidence of collusion between the Trump campaign and Russian Federation . Citing "two of the people familiar with the matter", the Journal reported that the committee had asked Mr.

Four reasons Uber's IPO stalled on Friday
As well as the original ride-hailing business, Uber is developing driverless cars and has a food delivery operation, Uber Eats. Only about a fifth of IPOs have ended their first day of trading in the red in the last two years, according to Dealogic data.

Bruins beat Blue Jackets 3-0, advance to conference final
McKegg was pushed into Rask by Kempfer and the net was dislodged, but the puck crossed the goal line before any contact was made. Columbus hit the crossbar three times: Pierre-Luc Dubois in the first period, and Dean Kukan and Josh Anderson in the second.

Pavelski leads Sharks past Avalanche 3-2 in Game 7
The victor of the last game of the conference semi-finals advances to the West Conference Finals. San Jose is third in the league averaging 6.2 assists per game, led by Brent Burns with 0.8.

Senior Opposition Leader Allied With Guaidó Is Arrested In Venezuela
President Donald Trump's administration has threatened Maduro's government with a harsh response should it ever detain Guaido. Authorities have not yet tried to arrest him, but Maduro has said he will 'face justice'.

Brad Stevens Admits He Did a "Bad Job" Coaching Celtics This Year
Marcus Smart has one particular word for anyone blaming Kyrie Irving for Celtics' series loss against the Bucks. This season for the Celtics will be considered a failure by many analysts due to their high expectations.

Prince Harry is a Happy Dad Receiving Onesie Gift for Son Archie!
The baby will not carry a courtesy title "at this time ", Buckingham Palace confirmed after the name was announced Wednesday. As a first-born son of a duke, the baby was eligible for the title of Earl of Dumbarton.

Polls close after South Africa elections
The ANC achieved its best parliamentary election result in 2004 under former president Thabo Mbeki , when it won 69% of the vote. Analysts say that if the ANC vote remains above 55%, it will enable President Ramaphosa to strengthen his grip on the party.

Zendaya's Cinderella Met Gala Look Criticized by Lindsay Lohan
Lupita Nyong'o spent four hours getting ready in a rainbow, cool chick getup, her hair high and packed with golden Afro picks. Beneath the mask Miller's face appeared to have seven eyes, an illusion that sent the fans into a frenzy.