Binance Endures Cyber Attack, 7000 BTC Stolen

Binance exchange gets compromised 7000 BTC worth $40 million withdrawn by hackers

In its statement overnight, the company said: "Hackers were able to obtain a large number of user API keys, 2FA codes and potentially other information".

It's clear that all eyes of the cryptocurrency community are turned to the leading exchange Binance following the recent security breach which resulted in a theft of $40 million worth of BTC.

The hot wallet in question contained about two per cent of Binance's holdings and was robbed in a single transaction, Bloomberg wrote. Other wallets are secure and unharmed, the exchange said.

"The hackers had the patience to wait, and execute well-orchestrated actions through multiple seemingly independent accounts at the most opportune time". The attack managed to circumvent Binance's security checks, but after noticing the unusual activity, the exchange blocked all withdrawals.

Once the aforementioned transaction has been executed, various alarms were triggered and Binance stopped all withdrawals immediately.

In a tweet linking to the post, Zhao said it was "not the best of days, but we will stay transparent".

Binance suffered a large-scale security breach today, according to a statement. "But we believe with withdrawals disabled, there isn't much incentive for hackers to influence markets".

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Binance sets aside funds in what has been dubbed a #SAFU account, so the loss will be entirely covered at no expense to users.

The fund consists of 10 percent of all trading fees absorbed by the exchange, and was initially launched to protect Binance's users "in extreme cases", according to a previous notice.

7,000 Bitcoin, now valued at some $42 million, were stolen in what is being called one of the most high-profile and largest hacks in recent times.

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.

At press time, the Bitcoin market appears to be largely unaffected, trading at an average of $5842 - a slight gain over the past 24 hours.

What do you think about Binance's remedial measures?

Amazingly in the fallout of the hack of the worlds largest crypto exchange, BTC had a surprisingly stable response, managing to hold above $5,700 despite the troubling news. "[This] tells you just how little irreversibility there is in PoW coins", tweeted Cornell University professor and researcher in blockchain consensus protocols Emin Gün Sirer.

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