Hackers steal $40 million of Bitcoin from crypto exchange Binance

Binance Promises To Cover 7,000 BTC Lost In Hack

With the recent hack of Binance, the all-time total stolen from cryptocurrency exchanges has surpassed $1.35 billion, according to The Block's research.

Binance Hacked: How did it happen?

Binance claims the attackers used a range of techniques including phishing and malware to carry out the hack.

One of the easiest ways for users to lower their risks of falling victim to a hack is to hold the majority of their cryptocurrency offline where they control the private keys and thus their money, rather than delegating their private keys to an exchange.

The company has confirmed that the cybercriminals made off with 7,000 bitcoins which, at current prices, translates to roughly $41 million. Binance said it was able to trace the stolen bitcoin to a single wallet. "All of our other wallets are secure and unharmed", wrote Zhao.

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In a tweet linking to the post, Zhao said it was "not the best of days, but we will stay transparent". However, at the moment it is being reported that only this wallet has been effected with other major wallets such as Ethereum being safe.

"I would like to thank all the peer exchanges, wallets, security/analytic teams and other service providers for responding to us and helping us in need, and blocking transactions of fraud funds", he wrote on Twitter. Why they did so remains a mystery... presumably they're the same hackers, and perhaps 7,000 has a symbolic meaning for them?

Some people are freaking out for some reason but to keep it real, there are of course some hardcore Binance haters out there who just want to see Binance burn. "If this roll-back, essentially the same as a 51% attack, was seriously discussed at any point between Binance and Bitcoin developers, then this is a very serious course of action that should now be investigated by all of us involved in the industry, to ensure the integrity from those with authority", explain Dennis. Last time Bitcoin price was at this level is November 2018. "There may also be additional affected accounts that have not been identified yet", a statement from the company reads. The second hack which actually brought Mt.Gox down, the hackers took 150,000 bitcoin. Past 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. At its peak, in December 2017, bitcoin was worth almost $20,000, igniting a buying frenzy that helped propel the esoteric world of cryptocurrency into the mainstream.

Another user highlighted the fact that hackers withdrew the same amount of Bitcoin previous year. Since July past year, Binance started to allocate 10 percent of its trading fees every month to a company Secure Asset Fund for Users (SAFU fund), which can now be used to recover the millions lost. Though the trades are recorded in public transactions, individual account holders are not personally identifiable, a key reason the cryptocurrency is so appealing to criminals.

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