Binance Hacked for $40,000,000 Bitcoin: What Actually Happened?

Binance Hacked for $40,000,000 Bitcoin: What Actually Happened?

The missing 7,074 BTC (from a single transaction) is the only known theft so far, which the company said came from its hot wallet and contained 2 percent of its total BTC holdings.

In an announcement last night, Binance's CEO Changpeng Zhao said that hackers were able to obtain user API keys, two-factor authentication (2FA), and potentially other info - it has not disclosed what, though.

Binance said it had not yet uncovered the full extent of the loss, and other accounts may be affected. "The hackers used a variety of techniques, including phishing, viruses and other attacks".

"The transaction (was) structured in a way that passed our existing security checks".

Zhao's post on the Binance website said that all deposits and withdrawals from the exchange would remain suspended while the company conducted a thorough security review, which, it estimated, would take a week. At one point, despite saying that trading wouldn't be affected, he said, "There will be a few system upgrade during this week and there may be a time when we have to halt trading for a little while to make changes in our core systems".

As Bitcoinist noted, the ongoing uncertainty over exchange Bitfinex, while previous year unsettling traders, had a similarly short-lived impact when news of a legal battle involving funds worth $850 million broke at the end of April. We do not need funding help.

While it's been a quasi meme through the crypto community, it seems the #SAFU initiative has pulled through, allowing reassurance for many Binance users.

The withdrawal triggered internal alarms after it was executed, and Zhao said the exchange froze withdrawals following the discovery.

Given that the hackers managed to pull the funds out without triggering Binance's security protocols, some people believe this may have been an inside job.

To avoid price manipulation by the hackers, Binance has disabled withdrawals from the exchange now.

"News of the hack comes only hours after CZ tweeted that "[Binance has] to perform some unscheduled server maintenance that will impact deposits and withdrawals for a couple hours".

According to CoinMarketCap, a website that tracks cryptocurrency markets, pricing and values in real-time, Binance is now the fifth-biggest exchange by trade volume. BSV is the only public blockchain that maintains the original vision for Bitcoin and will massively scale to become the world's new money and enterprise blockchain.

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