Hackers Stole over $41 Million worth Bitcoins from Binance Cryptocurrency Exchange

Recent Cyber Attacks 2018

Hackers breached one of the largest cryptocurrency exchange Binance and stole $41 million worth Bitcoins.

The company published a statement saying that on May 7 they discovered a security intrusion and hackers stole over 7000 bitcoins.

Hackers were able to get into a single BTC hot wallet which contained about 2% of our total BTC holdings.

Hackers also obtained a large number of user API keys, 2FA codes, and potentially other information.

According to Binance CEO, Changpeng Zhao attackers used a variety of techniques such as including phishing, viruses to steal the Bitcoins.

“The hackers had the patience to wait, and execute well-orchestrated actions through multiple seemingly independent accounts at the most opportune time. The transaction is structured in a way that passed our existing security checks.”

“It was unfortunate that we were not able to block this withdrawal before it was executed. Once executed, the withdrawal triggered various alarms in our system. We stopped all withdrawals immediately after that.” said in the post published by the company.

The company said the investigation is still ongoing and it will take at least one week to complete the investigation. All the deposits and withdrawals will be remain suspended during this period.

The company confirmed that no other wallets were impacted by the breach.

The company also warned the hackers may still have control over certain user account and may try to influence the prices using it.

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