Hackers Steal $41 Million Worth of Bitcoin From Binance Exchange

Bitcoin Breaking Binance Hot Wallets Lose 7,000 Bitcoin In “Large Scale” Security Breach Nick Chong

The hackers managed to obtain API keys, two-factor authentication codes and other information.

To cancel bitcoin transactions, you need to convince at least half of the dozen or so major bitcoin mining pools to agree to working with an alternate version, starting from just prior to the attack. Given the nature of the BTC blockchain it's easy to see where each Binance bitcoin is going but it is hard to perform real forensics on the wallets in order to understand who - or what - created them. A hot wallet is used for transactions processing and contained almost 2% of the exchange's total holdings. The hackers were unable to access the Binance cold storage-the off-line wallets where the majority of funds are kept.

Binance suffered a large-scale security breach today, according to a statement.

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. Previous year also had a huge outlier - 62% of the amount stolen in 2018 came from the almost half a billion Coincheck hack, the largest in history. "There may also be additional affected accounts that have not been identified yet", a statement from the company reads.

Binance revealed that an alarm was triggered by its systems while the attack was underway but the company couldn't timely mitigate it.

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Binance said it had not yet uncovered the full extent of the loss, and other accounts may be affected. "We will consider that very, very carefully, with the feedback we are receiving".

The price of bitcoin fell about 3 per cent Tuesday after Binance's announcement, but it has since recovered, according to Coinbase, a US-based cryptocurrency exchange.

Binance has suspended all withdrawals for at least a week. As cryptocurrency is increasing in recognition and price, so does its attention from hackers and the incentive for foul play, which can also be seen in other recent large scale cryptocurrencyhacks.

In a tweet linking to the post, Zhao said it was "not the best of days, but we will stay transparent". However, Changpeng Zhao responded by saying that the exchange is hurt but not broke and they are going to cover the losses through their $SAFU fund. Trading remains available for all users, however.

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