Binance: 7000 Bitcoins Worth $40 Million Got Hacked

binance exchange hacked

One of the largest and promotion bitcoin and altcoin exchange got hacked. The hack took place on 7th May 2019 around 17:15 (UTC). The hacker was able to crack down to the inner system making it a security breach.

The hacked impacted on the hot wallet and hacked 7000 BTC which is worth of $40 million which are said to be 7% of their BTC holdings. All other wallets are safe.

 

Binance mentioned that the hacker was able to obtain a large number of users API keys, 2FA, and other valuable information. After that, they used various techniques which are discovered to be phishing, virus and other attacks combined.

Trading and other operations will continue, though withdrawals and deposits were suspended and will continue after the full audit of the system. The reported audit check thought this week will make the deposits and withdrawal halt couple of more times.

CEO of binance twitted that Trading will not be impacted.

Since after the hack, the price of Binance coin (BNB) soars and fell more than 8% to $ 19.5, though it rebounds and recovered back to around $21.

bnb coin after binance hacked

Though the exchange lost 7000 BTC, users funds are still safe and can be withdrawn easily. The Exchange took certain security measures and determine major system flaws which led to this attack to take place.

Here is the detail of the transaction that took place https://www.blockchain.com/btc/tx/e8b406091959700dbffcff30a60b190133721e5c39e89bb5fe23c5a554ab05ea

The Exchange comprehends fault that their system couldn’t stop the withdrawal of such a high amount at once. The event could affect cryptomarket positions.

Read official binance report

More news:
Binance Decentralized Decision Can Impact Crypto Market

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Prashant Gupta

Prashant Gupta

Hey Forks! It's me Prashant, I am a college student pursuing Computer Science degree. I am a Crypto Enthusiast and Tech Geek — ♥ Love to learn and Code and I am here to empower peoples towards Technology and cryptocurrency.

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