Search This Blog

Cryptocurrency exchanges losses $40 million to hackers




A cryptocurrency exchange Binance reported a ‘’large scale’’ data breach in which hackers managed to steal 7,000 bitcoins worth of about $40 million.

The company said that hackers used various techniques including phishing, viruses and other attacks to obtain large numbers of user API keys, 2FA codes and other info. 

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

According to the initial investigation, the hacker attacked through multiple seemingly independent accounts at the most opportune time. 

The company has halted all the withdrawals immediately after the reports of hack. 

In a public statement released by the company,  they admitted that, ’’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.’’

They further added that they need to conduct a thorough security review, and it would include all parts of our systems and data, which might take one week. 

However, till the whole time, deposits and withdrawals will ‘’REMAIN SUSPENDED’’. 






Share it:

Binance

cryptocurrency

cryptocurrency hack

Hackers