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Binance Marks 6th Largest Cryptocurrency Exchange Hacks In Crypto History

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Binance is one of the biggest cryptocurrency exchange that stores bitcoin and myriads of other crypto assets on its platform for users. As on Tuesday, the exchange notes that hackers had stolen bitcoin worth $40 million by taking 7000 bitcoins in a single attempt. Thus, binance, the largest trusted and renowned exchange in the industry has also got its name as the sixth largest cryptocurrency hacks to hit the industry.

According to the recent announcement by the Taiwan based cryptocurrency exchange, binance had declared that the firm has discovered a large scale security breach on 7 May, Tuesday. So, in what company is calling the biggest security breach, Hackers has roughly stolen bitcoins around $41 million dollars, the amount the exchange firm will able to recoup in about 47 days, as stated by a cryptanalyst.

In this reported scams, hackers stole not only 7000 bitcoin but also some of the binance user’s code for two-factor authentication and their API token.

The exchange in the blog post after the hack has pointed out the impact detailing “the hackers used a variety of techniques including phishing, viruses and other attacks,” wrote binance CEO Changpeng Zhao in his post. He said that though the exchange will continue to investigate the breach, they “beg for your understanding in the difficult situation,”   

Zhao further said the hackers waited for the right moment to conduct their operations however, he didn’t talk about the subject that how the hack went undetected at the first place.

Binance also said it is pretty unfortunate for us as “we were unable to block the withdrawal before it was executed.” Though after execution, the withdrawal has triggered alarms in the system and finally, we had stopped the withdrawals and deposits immediately.

Meanwhile, Binance has also temporally restricted deposits and withdrawal on the exchange for now and may not be restoring it until the security reviews about the incident are going on. Zhao further notes that as we have restricted the withdrawal and are also looking to the situation closely “there isn’t much incentive for hackers to influence the market.”  

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