08/05/19 06:00 UTC-4

$40.5 million were stolen from the Binance cryptocurrency exchange: hacking

Hackers stole $40.5 million from Binance
Hackers stole $40.5 million from Binance

This morning, on the 8th of May, a message appeared about the hacker hacking of a major Binance cryptocurrency exchange. The platform was hacked on May 7 at 5:15:24 PM (UTC). The attackers managed to kidnap 700 Bitcoins, equivalent to 4.5 million US dollars.


Hacking the Binance

This morning on the official website of the Binance cryptocurrency exchanger there was a message about hacking. Representatives of the exchange reported that they discovered a major security breach on May 7, 2019, at 17:15:24 (UTC). According to the information on the site, hackers managed to get a lot of user API keys, as well as 2FA codes. It is possible that the attackers own other private information of the Binance users.

Interesting in the section: Binance Coin, as additional tool

As stated in the message, hackers used several hacking methods. Among the alleged methods were phishing and virus programs. All users of the Binance Exchange are recommended to check their accounts, since "there may be additional vulnerable accounts that have not yet been identified".

Now, Binance has suspended its work to check all accounts and deposit accounts.

"We need to conduct a thorough security review (...) We will publish updates frequently as we go. (...) deposits and withdrawals must remain suspended for a period. We ask for your understanding in this difficult situation." – Binance.

In addition, the report states that all stolen funds will be compensated.

"Binance will use the SAFU fund to fully compensate for this incident. User funds will not suffer." – Binance.

Hacking on Binance: $40.5 million was stolen. Recall that on April 16, at the Binance Stock Exchange, the planned burning of Binance Coin cryptocurrency was carried out in the amount of 15.6 million US dollars.

Editor: Jerg Wos

See also: "How Binance suits traders: a cryptocurrency exchange gives clients hoodies"

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Hypes, funds, fiat money