Binance Hacked for $40,000,000 Bitcoin: What Actually Happened?

Binance Hacked for $40,000,000 Bitcoin: What Actually Happened?

The attack managed to circumvent Binance's security checks, but after noticing the unusual activity, the exchange blocked all withdrawals. "We stopped all withdrawals immediately after that", it added.

The hackers used multiple techniques, including phishing attacks and computer viruses to get at Binance and its hot wallets, where it keeps funds to manage the day-to-day operation of the exchange.

Hackers have stolen over $40 million worth of bitcoin from Binance, one of the world's largest cryptocurrency exchanges, the company said on Tuesday.

"Starting from 2018/07/14, we will allocate 10% of all trading fees received into SAFU to offer protection to our users and their funds in extreme cases", the company said last summer when it created SAFU. "It was unfortunate that we were not able to block this withdrawal before it was executed.", as noted.

"It is very unusual to me that someone would have the intelligence, resources, savvy & access to hack major "whales" on Binance's platform via API, yet be so incompetent as to drown $40 million in addresses where the funds can't be spent". Zhao says that although the company is able to recover the losses "it does hurt very much".

Binance will conduct "a thorough security review" encompassing its systems and data during the next week. We do not need funding help. However, deposits and withdrawals will remain suspended during the thorough security review that is now being conducted and is expected to last one week.

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The Binance cryptocurrency exchange has reportedly suffered an attack.

Zhao said on Twitter other crypto exchanges, including Coinbase, had blocked deposits from addresses linked to the hack. "We beg for your understanding in this hard situation", the exchange wrote.

The report also notes that hackers may continue to control certain user accounts with the goal of influencing prices, but with withdrawals being frozen, Binance claims the incentive for such actions is diminished. He added that deposits and withdrawals would be impacted for a couple of hours, but not trading and that funds would remain safe. We will monitor the situation closely.

To avoid price manipulation by the hackers, Binance has disabled withdrawals from the exchange now.

The BTC price fell by up to $200 (at press time) as news of the incident spread.

Another one of the many Bitcoin proponents horrified by the suggestion to even consider a Bitcoin blockchain reorg was Mike Novogratz of Galaxy Digital.

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