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Author Topic: Hackers Withdraw 7,000 Bitcoins in Binance Crypto Exchange Security Breach  (Read 65 times)

Offline kaizel73

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Binance, one of the largest cryptocurrency exchanges by daily trade volume, has experienced a major security breach on May 7, according to a statement shared with Cointelegraph on May 7.

Per Binance, hackers employed a variety of tactics including phishing and viruses to obtain a large number of 2FA codes and API keys in addition to other information.

According to the exchange, there was one affected transaction, wherein hackers were able to withdraw 7,000 bitcoins (BTC) worth $40,705,000 at press time.

In a letter on Binance’s website, CEO Changpeng Zhao states that the bitcoins were withdrawn from its hot wallets, which contain only 2% of the exchange’s total bitcoin holdings. Zhao states that Binance’s other wallets are unaffected.

Binance will suspend all deposits and withdrawls while it conducts a security review on its systems, which Zhao estimates will take up to one week. Trading will still be active and traders will be able to adjust their positions.

Source Story here:
https://cointelegraph.com/news/hackers-withdraw-7-000-bitcoins-in-binance-crypto-exchange-security-breach/amp
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Offline kaizel73

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Binance chief assured public that they are doing all their might to solve the issue.  They will use the SAFU fund to cover the loose.

Tweets from @cz_binance
https://twitter.com/cz_binance/status/1125907214256836608

https://twitter.com/cz_binance/status/1125956811574484993
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Offline Delgboke

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The sudden security breach in binance  exchange is also a lesson for other upcoming exchange to learn from not to compromise in the area of security in securing their exchange and peoples wallet but also letting us know that we should not store our coins in exchange wallet.

 

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