Binance says hackers stole $40 million worth of bitcoin in one transaction

Binance says hackers stole $40 million worth of bitcoin in one transaction

Furthermore, the attack is said to have been orchestrated using an array of strategies which managed to steal the user information of several members as well as their login authentication codes.

The company has confirmed that the cybercriminals made off with 7,000 bitcoins which, at current prices, translates to roughly $41 million. Initial analysis suggested hackers had plundered the currency from a bitcoin wallet belonging to the company in one vast transaction. CZ claims that the hack "impacted [their] BTC hot wallet only (which contained about 2% of [their] total BTC holdings)" and that "a$3 ll of [their] other wallets are secure and unharmed".

"We've been working with other exchanges to block deposits from those hacked addresses."
However, the company noted that it will cover the incident in full and no users' funds will be affected.

After the attack, Zhao said his team has begun to converse with exchanges to see if the funds can be rescued, or if the Bitcoins stolen can be blocked from further operations. There may be additional accounts that have been affected but not yet identified, Binance said.

At press time, the Bitcoin market appears to be largely unaffected, trading at an average of $5842 - a slight gain over the past 24 hours.

It added: "The transaction is structured in a way that passed our existing security checks".

A statement on its website read: "We are still concluding all possible methods used".

Binance has suspended all withdrawals for at least a week. However, the real action happened in 2018 when we saw more than $1.1 billion in cryptocurrency getting hacked on exchanges.

"I believe that if this was a larger attack, that Binance could not cover financially, a reorg would have been conducted without community or Bitcoin user approval".

After news of the hack broke, Bitcoin's price dropped by approximately 4.2% in early Asian trading, Reuters reported.

Its availability in multiple markets and user-friendly interface drew large numbers of users. This suspension will last about one week to "make sure we completely eradicate any trace of hackers in all our accounts and data and that is a pretty tedious process", said Zhao.

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