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.

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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.

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