Binance Hacked! Binance is the world largest Cryptocurrency exchange company and had lost approx. 7,000 Bitcoins worth around $40 Million. It seems to be the largest hack of the day.
According to the Company, Hackers use different hacking techniques to hack Bitcoins and they use phishing, viruses and other attacks to breach BTC. They attack a single wallet which contains 2% of the total bitcoins of the company and stole them in a single transaction.
The company admits that hackers have users’ critical information, such as API keys, two-factor authentication, and some other information, required to log in to a Binance Account.
Hackers used sophisticated methods to bypass the Binance Security checkpoints and were able to hack 7,000 Bitcoins.
News of this hack comes when Zhao tweeted that Binance has “to perform some unscheduled server maintenance that will impact deposits and withdrawals for a couple of hours“.
Company’s CEO Changpeng Zhao said that Company discovered a “large scale security breach” by which hackers were able to breach roughly 7,000 bitcoins.
Zao also warned that “hackers may still control certain user’s accounts and may use those to influence prices.”
The company also said that,
“All of our other wallets are secure and unharmed,” the company said in a statement. “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.”
Binance has also suspended all withdrawals and deposits on its platform for approx. one week to review the security system and investigate the incident.
Binance also said that the loss will be covered by using the funds from Secure Assets and none of the user’s funds will effect after this.