Binance Says Hackers Stole Bitcoin Worth $40M

 

 

 

 

 

Binance confirmed on Wednesday that hackers had breached its security and stolen 7,000 Bitcoin, worth roughly $ 40 million. CEO Zhao Changpeng described the hack in a bog post on the Binance website, and promised users that the company’s safety fund would cover any potential customer losses:

“As you know, we had a security incident yesterday. I think the blog post pretty much explains it, and it's a very advanced persistent hacking effort. They use both external and internal methods. It's probably the most advanced [method] and the hackers are very patient. So they don't move as soon as they have one account.

 

So it's a bit unfortunate and our security measures were not able to stop that withdrawal, which cost us 7,000 BTC, around US$40 million. But luckily, we do have the SAFU safety fund set up to cover [those costs]. It is a very unfortunate incident, but it is what it is.”

He also said that Binance is currently working to ensure that it completely removes “any trace of the hackers” in its data,and told users that withdrawals and deposits are temporarily suspended until the company can be sure that its systems are secure – a process that might not be completed for another week.

Zhao claimed that his company has received “strong support” from individuals and organizations like Coinbase, which has reportedly moved to block any deposits from addresses linked to the Binance theft.

Author: Ken Chase

Freelance writer whose interests include topics ranging from technology and finance to politics, fitness, and all things canine. Aspiring polymath, semi-professional skeptic, and passionate advocate for the judicious use of the Oxford comma.

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