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