HomeTodays NewsBreaking: Binance exchange gets compromised; 7000 BTC worth $40 million withdrawn by hackers
Breaking: Binance exchange gets compromised; 7000 BTC worth $40 million withdrawn by hackers
May 8, 2019
Binance’s official blog spoke about a security breach in Binance that allowed hackers to get away with 7000 BTCs, a large number of user API keys, 2FA codes, and potentially other info. The blog further added that the targetted attack was on a hot wallet and that only 2% of the total funds in that wallet was compromised.
“The hackers used a variety of techniques, including phishing, viruses and other attacks. We are still concluding all possible methods used. There may also be additional affected accounts that have not been identified yet.”
Two wallet addresses were flagged and linked to the hackers that were responsible for the breach. The transaction hash linked to the same is: e8b406091959700dbffcff30a60b190133721e5c39e89bb5fe23c5a554ab05ea.
According to Blockchain.com, the total amount of BTC sent from the above-mentioned addresses are 7074 BTC. The blog further added:
“The hackers had the patience to wait, and execute well-orchestrated actions through multiple seemingly independent accounts at the most opportune time. The transaction is structured in a way that passed our existing security checks. It was unfortunate that we were not able to block this withdrawal before it was executed.”
At press time, Binance stopped all deposits and withdrawals and also mentioned that they must undergo a “thorough security review”, which “will take about one week”.
Moreover, trading will continue undisturbed according to the blog, but the users were warned that the hackers might still “control certain user accounts and may use those to influence prices in the meantime”.