Binance confirms $40 mln worth of Bitcoin stolen by hackers

Hackers Steal $40.7 Million in Bitcoin From Crypto Exchange Binance

Hackers Steal $40.7 Million in Bitcoin From Crypto Exchange Binance

The exchange did not disclose more details regarding these efforts, but said it is also improving its risk management and know-your-customer procedures to fight phishing, among other additional security measures at the back-end.

Likely thanks to Binance's functionality of covering the loss of 7,000 BTC, rate more than $41 million, with company funds, the hack had virtually no impact on the trace of bitcoin. Withdrawals on the platform have been suspended, but trading is still allowed.

The crypto market is still coming to grips with the news of the hack and the discussions are ongoing regarding the implications of Zhao's statement about the Bitcoin rollback. They stored their own cold wallet. Otherwise, the hackers would have stolen more.

Reports say this fresh incident has affected Binance negatively due to the methods the hackers used to penetrate the system.

"It was unfortunate that we were not able to block this withdrawal before it was executed", Binance said.

"Once executed, the withdrawal triggered various alarms in our system".

"We must conduct a thorough security review".

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"Please also understand that the hackers may still control certain user accounts and may use those to influence prices in the meantime", Zhao noted.

The only major cryptocurrency that is in the green today is Bitcoin SV (BSV) with a 3.2% gain.

Cybercrooks stole around $A2.4 billion in cryptocurrency a year ago, up more than 400 per cent from 2017, according to security firm CyperTrace. According to Binance, a vulnerability in their security protocols was exploited, giving access to hackers to one of their hot wallets used for trading. Besides this, around $400 million were lost by Coincheck, because of hacking, in 2018.

He also explained that the spot price of Bitcoin is a "liar" since it does not represent Bitcoin's value, and that instead, Bitcoin's value comes from "the number of users on the network" and "the amount of capital that comes in and converts from fiat".

Exchanges in Japan and South Korea accounted for 58 percent of the thefts previous year, the research found. YubiKey is a hardware device that facilitates two-factor authentication. It gives criminals the assurance that they can never get caught because they can effectively cover their tracks at the end of a heist. In fact, the Federal Bureau of Investigation has taken action against bitcoin thieves and other criminal uses of cryptocurrency.

Cryptocurrency markets have largely shrugged off the Binance hack, with bitcoin last up 1 percent at around $6,000, its highest since mid-November.

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