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Hackers Who Stole Arorund $40 Million From Largest Crypto Exchange Binance

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Hacker's Who Stole Arorund $40 Million From Largest Crypto Exchange Binance

Binance which is known as one of the world’s largest crypto-currency exchange platform reported that on Tuesday, hackers stole more than 7000 bitcoins which is worth around $40 Million.

The CEO of Binance also added that Hackers who stole the money were only able to steal 2% of the total holdings which were kept in “hot wallet”. They also assured their customers that their loss will be recovered from the Security Asset Fund for Users (SAFU).

Binance Hack: Techniques used By Hackers

Hacker's Who Stole Arorund $40 Million From Largest Crypto Exchange Binance

Tuesday, Hacker’s cheated Binance by stealing 7000 bitcoins worth over $40 Million.

According to Zhao (CEO of Binance), Hackers used different techniques to steal that amount. They also had user API keys in large quantity, two-factor authentication codes . Along with that phishing, malware, and other techniques were also used in the process.

Later, Zhao also added in his statement that the hackers were very patient and took time in executing the transaction. But once transaction was executed and it triggered the alarms, they immediately ceased all the transactions. So post the alarms nothing could be stolen.

Binance company is also planning to take security review which could take up to one week. During that period the company also decide to stop withdrawal and deposits but keep on sending updates to the customers.

Binance

Source: The SSL Store

Zhao also said that the company will enable trading so that customer can trade their coins whenever they want to. But he also said hackers could still try to steal more. But this time it would difficult for the hackers to steal as withdrawal process is closed now.

He also tweets that Coinbase and other platforms like that will ban the deposits which come from Bitcoin. So hackers wouldn’t be able to transfer the funds easily.

Many more organisations were cheated

If we talk about how many exchanges were stolen so in the past years’ many cryptocurrency platforms were hacked. Hackers managed to steal millions of dollars from a various exchange like Coincheck, Zaif, Bter, Bitfinex, Cavirtex and many more were included in this.

For more updates, stay tuned to the Geek Herald.

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