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One of the world's largest encryption swaps, Binance, Hacked to the Tune of $ 40 Million

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Cryptocurrency trading hub Binance, one of the world's largest, has confirmed that it lost about 7,000 Bitcoins (around $ 40 million) to hackers after the so-called "wallet", ie one connected to the Internet and used to process transactions, was broken, Bloomberg reported Tuesday.

The wallet in question contained about two percent of Binance's holdings and was robbed in a single transaction, Bloomberg wrote. Binance wrote in a statement that they were aware of the hackers involved "used a variety of techniques, including phishing, viruses, and other attacks, even though the company" still terminated all possible methods used "and there may be" additional affected accounts that has not been identified yet. "

" The hackers had the patience to wait and perform well-orchestrated actions through several apparently independent accounts at the most appropriate time, "said Binance CEO Zhao Changpeng in the statement. "We need to carry out a thorough security assessment. The security assessment will include all parts of our systems and data."

Binance said it would cover any losses that came with the Secure Asset Fund for Users, an insurance reserve set up for this type of situation, wrote Bloomberg. The news network added that Binance said automated systems triggered an alarm during the incident, although it could not prevent the attack's success, and estimates a security assessment and temporary stop on all deposits and withdrawals will take a week to complete:

Binance estimates that the assessment will take a week, during which time all deposits and withdrawals will remain suspended, while trading will continue to be activated so investors can adjust their positions. The hackers can still control some user accounts and can "use them to influence the prices in the meantime," the exchanger said.

The hackers structured the transaction to bypass existing security controls, and Binance could not block the withdrawal until it was executed according to the post. When the transaction was completed, it triggered alarms on Binance's system and all withdrawals were stopped immediately after that, the mail said.

According to the industry's publication CoinDesk, large cryptocurrencies including Bitcoin took a hit as a result of the news, although hack followed a bitcoin rally of about nine percent over the past week.

In December 2017, Bitcoin hit a peak of nearly $ 20,000 before it crashed hard, with a value now slightly below $ 5,800. The industry has long been plagued by fraud and allegations of suspicious business practices. In addition to reports that organized cyber criminals are probably behind hundreds of millions in theft, many companies that pulled investors offer tokens instead of traditional stocks have flat line or bust, and an exchange alone recently claimed to have lost $ 180 million in cryptocurrency when its owner died and took critical passwords with him.

Researchers have concluded that Bitcoin's original value increase may have been largely due to market manipulation. The New York government recently said they believed the operators of the alleged "stablecoin" Tether, one of the cryptographic curves implicated in this market manipulation, may have been "engaged in a cover-up to hide the apparent $ 850 million loss with mixing customer and business fund. "

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