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World's Largest Cryptocurrency Exchange Loses $41 Million in Bitcoins to Hackers

World's Largest Cryptocurrency Exchange Loses $41 Million in Bitcoins to Hackers

It was reported that Binance hackers breached its security system on Tuesday at 17:15:24 (UTC), obtaining a large number of user API keys, 2FA codes, and potentially other information. The company said that thieves employed phishing and viruses to commandeer the 7,000 bitcoin, and that hackers might still control some user accounts. Initial analysis suggested hackers had plundered the currency from a bitcoin wallet belonging to the company in one vast transaction.

Zhao said the hackers targeted Binance's "hot wallet", which is connected to the internet and which he said holds about 2 percent of the exchange's Bitcoin holdings.

The Bitcoin withdrawal triggered alarms in Binance's internal system, and the halted withdrawals immediately after that. Since the beginning of April, the Bitcoin (BTC) dominance percentage has risen from 50.1% to 57.8%, meaning that the altcoin market has collectively declined 7.7% relative to Bitcoin (BTC) during that period.

The announcement also says that Binance will use its SAFU (Secure Asset Fund for Users) emergency insurance fund, to reimburse accounts affected by this breach.

CZ paints a picture of a well-orchestrated premeditated attack, planned and executed by hackers who had the patience and skill to tap into multiple seemingly independent accounts at the most opportune time. "It was unfortunate that we were not able to block this withdrawal before it was executed.", as noted. However, the real action happened in 2018 when we saw more than $1.1 billion in cryptocurrency getting hacked on exchanges.




In a live video chat, Binance's chief executive Changpeng Zhao sought to answer questions about the hack.

Nevertheless, Binance also briefly considered the more drastic option of rolling back the Bitcoin blockchain to rectify the effects of the hack. However, trading will continue, the exchange added. Last year, QuadrigaCX of Canada faced the messiest situation due to this dishonesty which left the whole company in miserable situation because the CEO of cryptocurrency exchange was died and he had access to funds only.

If you have or had your bitcoin on Binance, are you now out of pocket?

However, he told Binance users that he and his colleagues were working to secure the exchange and prevent any further hacks.

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