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Hackers make off with $40 million of BTC from Binance

  • Regular
  • Blockchain
  • 6 months ago
  • 110

Major cryptocurrency exchange, Binance, has been subject to a hacking attack resulting in a loss of over $40 million in Bitcoin.

Binance announce that the culprits made off with around 7,000 BTC tokens and even had access to user information such as two-factor authentication which is necessary to log in to personal accounts.

The cryptocurrency exchange was able to trace the stolen bitcoin to a single wallet, it said.

In a statement, Binance said “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. Once executed, the withdrawal triggered various alarms in our system. We stopped all withdrawals immediately after that.”

 

 

Source: Smart Trend Team