Bitcoins Worth $41Mn Nicked From World’s Largest Cryptocurrency Exchange

Bitcoin Breaking Binance Hot Wallets Lose 7,000 Bitcoin In “Large Scale” Security Breach Nick Chong

Cryptocurrency thieves are $58.76 million richer today after pulling off a theft of more than 7,000 Bitcoins from a prominent cryptocurrency exchange.

"All of our other wallets are secure and unharmed", he said.

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

Official notes say that "The hackers had the patience to wait, and execute well-orchestrated actions through multiple seemingly independent accounts at the most opportune time". CEO Changpeng Zhao said in a website post on Wednesday that the company would use a fund to cover users' losses.

The hackers were able to withdraw approximately 7077 bitcoins (BTC) in a single transaction - roughly $41.8 million at Bitcoin's current price.

The company said the one-time transaction was "structured in a way that passed our existing security checks".

Bitcoin is up by around 88% on a year-to-date base and has continued its rally even in the face of Tether FUD and the Binance hack, leading many to believe the start of crypto summer is on its way. Binance warned that other accounts could be affected.

Provocative Rocket Man Threatens Diplomacy as US Confiscates North Korean Cargo Ship
President Moon Jae-in (right) talks to a reporter during an interview with KBS at Cheong Wa Dae in Seoul on Thursday. North Korea held two missile launch tests in less than a week inviting sharp reactions from South.

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. Starting from 2018/07/14, we will allocate 10% of all procuring and selling expenses obtained into SAFU to give safety to our users and their funds in monstrous circumstances.

Furthermore, Yusko noted that just because banks and people get robbed all the time, it does not mean we should stop using money, and so we should not worry too much about any critics that might use this incident to argue that people should not use crypto because it's not safe.

In the meantime, although trading remains active, all deposits and withdrawals have been paused to allow the exchange to carry out a comprehensive security review which is estimated to last up to a Week. We estimate this will take about one week.

After the attack, the exchange received massive support from the crypto community - both from the traders and its peer exchanges.

One trader mentioned that bitcoin is liable to continue its upward stream till it hits a prime resistance stage that is honest too spruce for the asset to tackle.

"We beg for your understanding in this hard situation", Zhao wrote.

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