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40 M Worth Bitcoin Stolen by Hackers

Posted on 7th Jun 2019 14:58:26 in Blog, Bitcoin

A Taiwan based Company Binance that specialized on Cryptocurrency Trading exchange was hacked by hackers and stolen $40 Million worth of bitcoin from their users, they claimed that they discovered "a large scale security breach" yesterday and the hackers have stole 7000 bitcoins in one go transaction which its worth $6.000.

CEO Changpeng Zhao said "They used variety of techniques, including phishing, viruses and other attacks." and they still investigated the security breach. The Hackers very patience and waited for the best time to start their operation, while Zhao didn't say how they do that. He added "The transaction is well structured and passing our security checks, once the operation executed, the withdrawal triggered their system various alarms, and they stopped the withdrawals immediately after that.


Binance Security Breach Update

— Binance (@binance) May 7, 2019


Binance confirmed the theft occurred from their company's so-called "hot-wallet" which holds about 2% of their total bitcoins, a Hot Wallet is a digital wallet that storing Cryptocurrency and connected to the internet while the Offline is a Cold wallet.

As for the Stolen Bitcoin, they will reimbursed through Binance's Secure asset fund, insurance will available for this breach case, other accounts could be affected because Binance will temporarily suspend withdrawals and deposits activity while Bitcoin trading still could continue without any problem. The Security investigation will at least take a week till finish, and Zhao added "We beg for your understanding in this difficult situation.".

After speaking with various parties, including @JeremyRubin, @_prestwich, @bcmakes, @hasufl, @JihanWu and others, we decided NOT to pursue the re-org approach. Considerations being:

— CZ Binance (@cz_binance) May 8, 2019

Note: Binance CEO Zhao said the company will not pursue a rollback of the bitcoin blockchain.



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