Hackers steal $41 million from cryptocurrency exchange Binance

Binance Promises To Cover 7,000 BTC Lost In Hack

Binance hacked for 7,000 Bitcoin in “large scale security breach” - Decrypt

In a single withdrawal, hackers syphoned US$40 million (NZ$60m) in bitcoin from one of the largest cryptocurrency exchanges in the world.

When the time came today, the hackers initiated a mass withdrawal from these accounts, generating a massive 7,074 BTC transaction from Binance's main "hot wallet" to several smaller accounts.

In a sophisticated attack that involved the coordination of multiple accounts and the unique structuring of transactions, hackers were able to evade the security checks set in place by the exchange.

Binance revealed that an alarm was triggered by its systems while the attack was underway but the company couldn't timely mitigate it.

A statement released by Binance said, "The hackers used a variety of techniques, including phishing, viruses and other attacks".

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As it stands, it looks like the hackers have got away with the heist, though we suspect there will be some joint cyber task force looking at tracking them down. It's the world's largest cryptocurrency exchange, by trading volume.

The price of bitcoin fell roughly 3 percent Tuesday after Binance's announcement, but it has since almost recovered, according to Coinbase, the US -based cryptocurrency exchange.

Furthermore, the company claimed that a complete security analysis and a temporary halt to all the withdrawals and deposits might take a week.

Nevertheless, Binance also briefly considered the more drastic option of rolling back the Bitcoin blockchain to rectify the effects of the hack.

Binance said it will undertake a security review to determine what went wrong and what can be fixed.

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The theft was about 2 percent of the firm's total bitcoin holdings, officials said.

In an even more freakish move, Binance's CEO is so mad that he has even considered reorganizing the entire bitcoin blockchain so as to cancel the transactions and ensure the criminals do not enjoy their loot.

The 7,000 Bitcoins are worth roughly $40 million, based on current Bitcoin composite pricing calculated by Bloomberg.

After news of the hack broke, Bitcoin's price dropped by approximately 4.2% in early Asian trading, Reuters reported.

Until the industry is able to figure out more secure storage mechanisms such as employing third-party custodians dedicated to securely storing crypto assets, the only recourse available for crypto customers will remain compensation after loss.

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