Hackers stole $41M of bitcoin on one of world’s largest crypto exchanges

Binance Promises To Cover 7,000 BTC Lost In Hack

Binance suffered what it's calling a "large scale security breach" yesterday evening.

"There may also be additional affected accounts that have not been identified yet", CZ helpfully warns. "The transaction is structured in a way that passed our existing security checks", Binance explained.

"The hackers were able to withdraw 7,000 BTC in this one transaction". "But we believe with withdrawals disabled, there isn't much incentive for hackers to influence markets", they added.

And he added that he was asking other exchanges to block bitcoins associated with the hacked wallet from being transferred elsewhere, which would render them largely useless. "There may be small periods of time where we have to hold trading for a couple of hours here and there for some of the core system upgrades because we actually do need to make some changes in the system". No user funds will be affected.

"News of the hack comes only hours after CZ tweeted that "[Binance has] to perform some unscheduled server maintenance that will impact deposits and withdrawals for a couple hours". In the meantime, it's suspended all deposits and withdrawals but will continue to allow trades on its platform so its users "may adjust [their] positions if [they] wish" despite the hack. Once executed, the withdrawal triggered various alarms in our system. However, Changpeng Zhao responded by saying that the exchange is hurt but not broke and they are going to cover the losses through their $SAFU fund.

More news: Iran to announce partial withdrawal from nuclear deal

The post continued: "We must conduct a thorough security review". We beg for your understanding in this hard situation. The company said thieves employed phishing and viruses to commandeer the 7,000 bitcoin, and that it was possible hackers might still control some user accounts.

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

The logo of Binance is seen on their exhibition stand at the Delta Summit, Malta's official Blockchain and Digital Innovation event promoting cryptocurrency, in St Julian's, Malta October 4, 2018. Chico Crypto pointed out on Twitter that the same thing happened nearly a year ago, stating, "Doesn't this "hack" have some uncanny resemblances to the last time it happened?"

Bitcoin price was stabilizing close to $6000 on May 8 after new controversy over a cryptocurrency exchange sent markets tumbling.

Related News:

Most liked

Compliance with HIV regimen reduces transmission
This is the third time researchers are making a breakthrough on HIV cure. "We think this is vital to addressing stigma ". You could also contract Sexually Transmitted Diseases (STDs ) by having several sexual partners.

China stalling because they'd rather talk trade with 'weak' Democrats
U.S. negotiators are now recommending an increase in tariffs on Chinese goods if a trade agreement is not reached by Friday. China has also quibbled with how the 150-page document will be released publicly, according to USA officials.

Tencent reportedly replaces PUBG in China with 'patriotic' alternative
Tencent has seemingly given up on launching PlayerUnknown's Battlegrounds in China. As you'd expect, Game for Peace quickly gained approval for monetization in China.

HBO digitally removes coffee cup from 'Game of Thrones' episode
Adding insult to injury, the cup appeared in the one shot that featured showrunners and executive producers David Benioff and D.B. Starbucks confirmed fan speculation after posting a cheeky tweet about the Mother of Dragons' drink of choice.

Aasia Bibi, Christian Woman Acquitted of Blasphemy, Leaves Pakistan
Bibi's husband Ashiq Masih in a video message had appealed to the world leaders to help Asia leave Pakistan for her safety. Pakistan's minister for minorities, Shahbaz Bhatti, was assassinated later that year after demanding justice for Bibi.

PM Modi greets nation on beginning of holy month of Ramzan
At the end of the 30 days of fasting, Muslims celebrate Eid al-Fitr which translates to "festival of breaking the fast" in Arabic. Muslims believe the Koran was first revealed to the Prophet Muhammad during this month.

Google debuts cheaper Pixel phones after premium handsets flop
The camera uses a 12.2mp Sony rear lens and 8pm front snapper, with the former supporting HDR+ and 4K recording at 30fps. The two smartphones rock Qualcomm's new Snapdragon 670 processor paired with 4GB of RAM and 64GB of built-in storage.

Russian plane 'did not dump fuel' before deadly crash landing
The government offered subsidies to encourage Russian airlines to buy the Superjet and Aeroflot has became its main operator. A video still shows a Sukhoi Superjet 100 aircraft on fire after a hard landing Sunday at Moscow's Sheremetyevo airport.

Microsoft is finally bringing full Linux to Windows 10
Some APIs aren't implemented at all, and others are only partially implemented to meet the needs of specific applications. WSL has already been warmly embraced by developers, as it gives a solid Linux-like development environment.

Blast at popular Pakistani shrine kills at least five people, wounds 24
Police said they were investigating whether the blast was caused by an improvised explosive device (IED) or a suicide bomber. Prime Minister Imran Khan while denouncing the attack has sought report into the incident from the authorities concerned.

Priyanka Chopra Shares Sweet Message to Meghan, Prince Harry on Baby's Arrival
The Daily Mail claimed that the birth came precisely three minutes later than that. It's been the most unbelievable experience I could ever have possibly imagined.

Who is going to win the Premier League?
By the time this season wraps up, it's very likely that Liverpool will have cracked the 95-point mark in the Premier League. Gerrard's slip had put Man City into the driving seat and the blues just needed to beat West Ham to secure the title.

Klopp hails ‘genius’ Alexander-Arnold after Liverpool slay Barcelona
We got into their box in unsafe positions but we didn't take those chances. "We don't want any player to be injured. Should Mo Salah and Roberto Firmino be fit for that June 1 date in Madrid, the Reds will certainly be favorites.

Why Maximum Security was disqualified at Kentucky Derby | NBC Sports
The Kentucky Derby, Preakness and Belmont Stakes are far more than just two-minute horse races... He's off the training list, and if he's off the training list he's off the Preakness list.

CSK vs MI, Qualifier 1
There is hardly anything to differentiate between the two sides as both CSK and MI have won the title three times earlier. He was supported well by Ishan Kishan who scored 28 runs and the 80-run association was broken by Imran Tahir .