Hackers hacked Binance and stole $ 41 million in bitcoins

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Hackers hacked Binance and stole $ 41 million in bitcoins

Binance, one of the largest cryptocurrency exchanges, reports 7000 bitcoins hacked and stolen.

On May 7, the marketplace discovered a serious security breach that allowed attackers to gain access to user APIs, two-factor authentication codes, and other data. The hackers followed a well-designed plan and waited a certain amount of time before withdrawing funds using multiple independent accounts..

The transaction was structured in such a way that it passed the platform security check, so it could not be blocked. At the exchange rate at the time of this writing, the cost of the stolen bitcoins is $ 41 million. Hackers got access only to hot wallets, which store no more than 2% of BTC, so the rest of the company’s assets were not affected.

Traders can continue to trade on Binance, but deposits and withdrawals have been suspended for at least a week. Stock exchange also checks whether the scammers still have access to platform resources.

The head of Binance, Changpeng Zhao, announced today that the company will abandon the Bitcoin network rollback option proposed by the community to invalidate the attackers’ transaction. To compensate for the losses of users, the exchange will use funds from its SAFU reserve fund..

Immediately after the announcement was published, the market reacted to the news with a sharp decline. The BTC rate fell by $ 150, and some altcoins sank by 10%, but the situation quickly stabilized. Over the past day, the price of the first cryptocurrency has lost less than 1% and at the time of writing is $ 5877.

Binance $41 Million Hack Explained

Hackers hacked Binance and stole $ 41 million in bitcoins

We previously reported that according to estimates analytical company CipherTrace for the first quarter of 2019 hackers stole from crypto exchanges $ 356 million.

text: Ivan Malichenko, photo: blockledge

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