Binance Hackers Moved Stolen BTC to 7 Wallet Addresses

Binance hacked for 7,000 Bitcoin in “large scale security breach” - Decrypt

Due to the continuing legal action against Bitfinex for purportedly mismanagement $900 million of Tether's money funds in an effort to "hide" its loss of $850 million, many predicted the Binance hack to add to the disbelief of investors in the cryptocurrency market. The rest of the wallets were declared to be secure and unharmed.

$60 million is certainly a "large scale security breach".

Binance said the withdrawal set off multiple alarms in the system.

"Binance will use the #SAFU [Secure Asset Fund for Users] fund to cover this incident in full". The post also notes a transaction that shows that the hackers were able to withdraw roughly $41 million in Bitcoin.

"The transaction is structured in a way that passed our existing security checks", he said.

Binance, one of the world's biggest exchanges, said on Wednesday that hackers had stolen around 7,000 bitcoin through phishing and viruses, the latest in a string of cryptocurrency thefts to hit exchanges across the world. The DEX, which was planned for launch ever since the company whitepaper, provides non-custodial and extra security for concerned users, yet the assets supported are still limited.

"Tentatively, we are looking to resume withdrawals and deposits early next week". This fund will be stored in a separate cold wallet.

The CEO of Binance stated that on May 7, a successful security breach attempt was made where these hackers got access to user's API keys, along with two-factor authentication codes and other data.

How is the Binance hack different from other exchange hacks and how will it impact the market?

The Binance team is now focused on "rebuilding and recovering the system" - a process that is estimated to take about a week to complete. "But we believe with withdrawals disabled, there isn't much incentive for hackers to influence markets".

Trading will not be suspended, but Binance cautioned that the hackers could still control certain user accounts and may use those to influence prices.

Bitcoin (BTC) has once again reached its highest levels of 2019, touching $6,100 on Bitstamp last night. "We will monitor the situation closely".

Binance ranks No. 4 worldwide in trading volume over the past 30 days, but a 26 per cent drop in trades downgraded it to No. 13 for the past 24 hours, according to the CoinMarketCap website.

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