[2019-05-08] Binance Confirms 7000BTC ($40m) Security Breach
The biggest and most trust worthy exchanges in the cryptospace should not be hacked. This will not give the users any confidence to trade or to deal more in the cryptospace.
Binance is collecting millions in fees. Can it be given an excuse to be this incompetent?
Changpeng Zhao, CEO of popular cryptocurrency exchange, Binance has confirmed that the platform witnessed a security breach for the first time with the hackers being able to withdraw 7000 BTC ($40 million) in one single transaction. The confirmation came after several leads within the crypto community rumored that such funds had left Binances hot wallets before the exchange announced a sudden unscheduled server maintenance.
As per the update released by the exchange, the incident took place on May 7, 2019, at 17:15:24 (UTC). The hackers employed a variety of techniques such as phishing, viruses and other attacks to obtain a large number of user API keys, 2FA codes, and potentially other info, Binance said.
Moving further, the exchange said the hackers were patient enough to wait, and execute well-orchestrated actions through multiple seemingly independent accounts at the most opportune time, thus allowing them to bypass existing security checks.
Read in full https://coinfomania.com/binance-hack-7000btc-security-breach/
Binance is collecting millions in fees. Can it be given an excuse to be this incompetent?
Changpeng Zhao, CEO of popular cryptocurrency exchange, Binance has confirmed that the platform witnessed a security breach for the first time with the hackers being able to withdraw 7000 BTC ($40 million) in one single transaction. The confirmation came after several leads within the crypto community rumored that such funds had left Binances hot wallets before the exchange announced a sudden unscheduled server maintenance.
As per the update released by the exchange, the incident took place on May 7, 2019, at 17:15:24 (UTC). The hackers employed a variety of techniques such as phishing, viruses and other attacks to obtain a large number of user API keys, 2FA codes, and potentially other info, Binance said.
Moving further, the exchange said the hackers were patient enough to wait, and execute well-orchestrated actions through multiple seemingly independent accounts at the most opportune time, thus allowing them to bypass existing security checks.
Read in full https://coinfomania.com/binance-hack-7000btc-security-breach/