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Hackers managed to steal $ 40 million from Cryptocurrency Exchange

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Hackers managed to steal $ 40 million from Cryptocurrency Exchange
May 09
09:00 2019

Binance, one of the largest cryptocurrency exchanges in the world, has experienced a “massive hack”. More than 40 million US dollars were taken from its accounts.

According to the administration of the exchange, the attackers stole 7,000 bitcoins from one wallet. This is about 2% of all bitcoins stored on Binance.

Hackers managed to get a huge amount of user data. Strong authentication codes are also among the stolen information. To steal data, hackers used different methods – phishing, virus attacks, etc.

At the moment, the marketplace has stopped all withdrawal operations. It is necessary to carry out an inspection, which will last for a week. Despite the unenviable position, Binance will continue servicing clients’ transactions on cryptocurrency trading.

All lost funds will be paid to the victims from the platform warranty account created just for such cases.

According to the exchange, the hackers were able to organize a large operation in which many accounts were involved. They all looked independent, and did not arouse any suspicion of the security service.

Binance also reports that all operations were conducted in such a way as to bypass security. The withdrawal was stopped after the bitcoins disappeared from the exchange.

A huge number of hacker attacks was one of the main reasons why the BTC rate fell last year. In 2017, it showed incredible results, reaching the mark of 20 thousand US dollars for one unit of the popular cryptocurrency.

This year, the main cryptocurrency has shown a solid growth, adding 50%. However, its price still remains well below the record highs demonstrated the year before last.

As of Wednesday, the cost of BTC is equal to 5848 US dollars. Compared with previous trading, it fell by about 1%.


The material was prepared with the participation of Katya Gordon,
a leading analyst of the brokerage company CT Trade

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