Binance hacked for over $40M worth of Bitcoin

Binance Promises To Cover 7,000 BTC Lost In Hack

Binance, the world's largest cryptocurrency exchange by volume, has confirmed that $40 million in cryptocurrency has been stolen by hackers. The company said the hackers also compromised API keys, two-factor authentication codes and "potentially other info". The funds were withdrawn by hackers using a variety of techniques "including phishing, viruses and other attacks", according to Zhao Changpeng.

Zhao also posted a link to the electronic history of the theft, which shows the hackers swiped more than 7,074 Bitcoins, worth $41.6 million. That hot wallet contained just 2% of the exchange's Bitcoin holdings; the remaining 98% should easily cover the cost of this errant transaction.

In that session, we learned that CZ and Binance are working to rebuild the damaged system and erase the trace of hackers from their data. It said losses from the heist will be covered by an emergency insurance fund called Secure Asset Fund for Users (SAFU).

Binance sets aside funds in what has been dubbed a #SAFU account, so the loss will be entirely covered at no expense to users.

Binance revealed that an alarm was triggered by its systems while the attack was underway but the company couldn't timely mitigate it. Likewise, the portfolios of individual users were directly affected.

The post continued: "We must conduct a thorough security review. We will consider that very, very carefully, with the feedback we are receiving".

SpaceX shipment reaches space station after weekend launch
The capsule's SuperDraco launch-abort thrusters were just a half-second from firing when the blast occurred. The spacecraft has a small space station emblem on its side indicating its previews flight in 2017.

Some addresses that are linked to the hack have already been identified and locked, but not all of them, it was said.

Zhao warned that as the attackers were able to steal some user information, they "may still control certain user accounts and may use those to influence prices".

To avoid price manipulation by the hackers, Binance has disabled withdrawals from the exchange now. The current price of a single bitcoin is $5,815.

Theft remains a major problem for the emerging cryptocurrency sector, with high profile hacks alarming regulators and raising questions for larger investors over whether digital coins can be safely stored and traded.

At press time, the Bitcoin market appears to be largely unaffected, trading at an average of $5842 - a slight gain over the past 24 hours.

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