Hackers steal more than $40MILLION in BTC from cryptocurrency exchange — Bitcoin THEFT

Hackers Steal $40.7 Million in Bitcoin From Crypto Exchange Binance

According to London-based blockchain analytics company Coinfirm, the hackers have moved the stolen bitcoin through several digital wallets, with nearly all the coins now sitting in seven digital addresses. "All of our other wallets are secure and unharmed", wrote Zhao.

Binance claims the attackers used a range of techniques including phishing and malware to carry out the hack. "We are still concluding all possible methods used". It's still not known how many users were affected by the breach.

The hackers structured the transaction to bypass existing security checks, and Binance was unable to block the withdrawal before it was executed, according to the post.

Once the transaction was executed, alarms were triggered and all other withdrawals were subsequently stopped.

"We beg for your understanding in this hard situation", the company said, adding that it will continue to enable trading so that users can adjust their positions if they wish. "No user funds will be affected".

The platform plans to use its Secure Asset Fund for Users (SAFU) fund to cover the losses suffered today.

In this photo illustration, a visual representation of the cryptocurrency bitcoin is displayed on April 3, in Paris.

Zhao said the hackers targeted Binance's "hot wallet", which is connected to the internet and which he said holds about 2 percent of the exchange's Bitcoin holdings. The company has released a statement describing how the theft included API keys, two-factor codes and other information. At current prices, this equals approximately $40 million. "We will consider that very, very carefully, with the feedback we are receiving". We do not need funding help.

Zhao said on Twitter other crypto exchanges, including Coinbase, had blocked deposits from addresses linked to the hack.

The heist builds on the explosive growth in cryptocurrency crime and investor scams, which increased more than 400 per cent in 2018 and added up to about US$1.7 billion in losses, according to the cybersecurity firm CipherTrace. It was our responsibility to safeguard user funds.

Binance will be conducting a security review which will include all parts of their systems and data which for such a large exchange is surely going to take a while. "We beg for your understanding in this hard situation", the exchange wrote. And if you thought we had heard the last of large-scale crypto exchange hack schemes like the infamous long-defunct Mt. Gox-the Lehman Brothers of crypto-brace yourself for a nasty surprise. We will monitor the situation closely.

To avoid price manipulation by the hackers, Binance has disabled withdrawals from the exchange now. Within an hour of the announcement, the price of BTC had plunged from around $5,954 to just over $5,830. At its peak, in December 2017, bitcoin was worth almost $20,000, igniting a buying frenzy that helped propel the esoteric world of cryptocurrency into the mainstream.

Binance noted that rather than get some credentials and get to stealing the digital money, the hackers waited until they had access to a number of accounts before then making a grab at a bountiful amount of Bitcoins in a single swoop. More than $500 million was hijacked from Japanese exchange Coincheck early previous year.

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