Economy

Crypto heist: Hackers steal bitcoins worth $40 million from Binance

Crypto heist: Hackers steal bitcoins worth $40 million from Binance”

Binance Hacked: How did it happen?

According to Binance, the attackers used a variety of techniques to break in.

CZ insists that all customer losses will be covered, although that news may only provide partial relief to those who are now unable to withdraw their funds. It impacted our BTC hot wallet only(which contained about 2% of our total BTC holdings). Some users noted that bitcoin bull runs, such as the one that saw BTC reach nearly $6,000 this week, after often stopped in their tracks by major exchange hacks.

This is a breaking story and will be updated. "This fund will be stored in a separate cold wallet".

Looking at the markets, it seems that the markets are not reacting very much at all. In the past 24 hours, the trading volume on Binance stood at United States dollars 1 billion. Binance has said that it possible that more accounts have been compromised, and that it is looking into the scope of the breach. The second hack which actually brought Mt.Gox down, the hackers took 150,000 bitcoin.

A number of cons were cited including damaging the credibility of Bitcoin, causing a rift in the network and community, using the hack as an opportunity to improve their security, and owning up to their responsibility to secure users funds.

How is it possible that the best-known cryptocurrency exchange globally with some of the top talent in the world could be hacked? Sorry, folks, you ain't getting any money in or out of Binance for at least a week.

The world's leading cryptocurrency exchange, Binance, was apparently hacked today - but the company has promised to make investors whole.

The exchange said that its Secure Asset Fund for Users will cover all losses and no user funds will be affected by the breach.

The funds are decidedly not safe. The move is truly paying off dividends for the exchange. This latest breach serves to highlight that no exchange is exempt from hacking. There is an open dialogue happening with the community which is definitely a very good thing.

This, however, was not welcomed by a major section of the Bitcoin community as many are taking social media platforms to show their decent. All deposits and withdrawals remain suspended at the time of reporting. So deposits and withdrawals will be disabled for up to a week.

Binance said trading on the platform will continue as normal during its investigation.

To avoid price manipulation by the hackers, Binance has disabled withdrawals from the exchange now.



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