"Hackers stole $40 million" said Binance Bitcoin Exchange

One of the biggest cryptocurrency exchanges, Binance, had lost 7000 Bitcoins or $40 million. According to the company that due to failure of security, hackers were successful in getting data by using viruses and phishing which let that let them to steal hot wallet without being blocked. However, the cryptocurrency agency said that due to the availability of emergency funds, users would not be effected.

Zhao Changpeng, CEO of Binance, wrote that all systems of security and data will be reviewed thoroughly. The chairman further wrote in the statement that hackers had used multiple accounts to execute “well-orchestrated” plan.

To make the situation better, the company has suspended all deposits and withdrawals, and requested its clients to understand the situation of the company. In message, the company has reasoned that hackers can still control some accounts and their usage may affect the prices. However, trading is enabled, so that users can adjust their position.

Cryptocurrency exchanges have corrupt history of losing money due to theft and hacking. Last year, QuadrigaCX of Canada faced the messiest situation due to this dishonesty which left the whole company in miserable situation because the CEO of cryptocurrency exchange was died and he had access to funds only. Besides this, around $400 million were lost by Coincheck, because of hacking, in 2018. Moreover, in 2016, $64 million were lost by BitfinX. Thus, the history of hacking and stealing of cryptocurrency was started in 2014 which toppled Mt. Gox.

"Hackers stole $40 million" said Binance, a cryptocurrency exchange
Photo: Darrin Zammit Lupi / Reuters

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