Though trading will continue, the $40 million hack means Binance will halt withdrawals and deposits for a week, while performing a security audit.
Binance suffered a large scale security breach late today, according to a statement. Hackers managed to obtain API keys, two-factor-authentication codes and other information. In addition, 7,000 Bitcoin ($40 million) were withdrawn in a single transaction.
The hackers used multiple techniques, including phishing attacks and computer viruses to get at Binance and its hot wallets, where it keeps funds to manage the day-to-day operation of the exchange. The hackers were unable to access the Binance cold storage—the off-line wallets where the majority of funds are kept. Likewise, individual user wallets were directly affected.
According to the statement: “The hackers had the patience to wait, and execute well-orchestrated actions through multiple seemingly independent accounts at the most opportune time.”
The company reported that maintains an emergency fund for these eventualities, called Safu, which will be used to cover the stolen Bitcoin.
As has become usual in exchange hacks, the breach in was announced via an “unscheduled server maintenance” tweet. That alarmed a number of Twitter users, who messaged CEO Changpeng Zhao, wondering if the exchange had been hacked.
Binance said it will undertake a security review to determine what went wrong and what can be fixed. While deposits and withdrawals will remain closed, trading will continue.
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Hello,
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Did you read the post? This is NOT plagiarism. I posted it through Parley, which is a STEEM build site that posts links to articles and gives credit to each one. You'll notice not only is the source given credit at the bottom of the post, but I've also included a picture of the original article with a link right under where I wrote, "Source found here".
Can you please respond so I know you understand? I post articles all the time through Parley...and ALWAYS give credit to the original source. I just want to be sure you're not going to accuse me of plagiarism every time I do. Thanks.