Tuesday, 21 May, 2019


Crypto exchange Binance raided, 7000 Bitcoin lost - Security

Hackers Steal $40.7 Million in Bitcoin From Crypto Exchange Binance Hackers Steal $40.7 Million in Bitcoin From Crypto Exchange Binance
Conrad Doyle | 08 May, 2019, 12:57

The hackers could not access Binance's cold wallets, the offline portfolios where most of the customer funds are kept.

While Binance users will be able to continue trading, in order to adjust their positions if needed, all deposits and withdrawals will be suspended during this time.

The update explains that not all methods are yet known, but that the hackers were able to successfully withdraw 7,000 BTC from the Binance hot wallet, valued at around $40M at current prices.

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

"The transaction is structured in a way that passed our existing security checks", Binance said. Thanks to the SAFU fund, the loss will be covered in whole.

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.

And he added that he was asking other exchanges to block bitcoins associated with the hacked wallet from being transferred elsewhere, which would render them largely useless.

Binance admins froze deposits and withdrawals immediately after and put the site in maintenance mode to investigate the big pile of money that left their platform. Suspending withdrawals will permit staff to investigate the issue more thoroughly, but also added "we believe with withdrawals disabled, there isn't much incentive for hackers to influence markets".

Other wallets are secure and unharmed, the exchange assured.

The massive withdrawal triggered all sorts of security alarms at the Japan-based cryptocurrency exchange, but the warnings came too late and weren't enough to stop the transaction from making it through. It launched with a mission to list as many tokens as possible, capitalizing on 2017's ICO craze. SAFU directed 10 percent of all trading fees into a special insurance fund to cover potential losses in the event of a theft or hack - a move that now appears to be a wise one.

If you have or had your bitcoin on Binance, are you now out of pocket? While the exchange has said that its SAFU fund will cover all the losses and no user funds will be affected, Binance has halted withdrawals and deposits for the following 7 days.

What do you think about the Binance security breach?

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