Large cryptocurrency platform suffers major security breach

12 May, 2019, 03:44 | Author: Frank Williams
  • Bitcoin Breaking Binance Hot Wallets Lose 7,000 Bitcoin In “Large Scale” Security Breach Nick Chong

SAFU is a Binance fund which was launched to protect users of the exchange "in extreme cases" and is funded by 10 percent of all trading fees charged by the exchange.

The exchange did not disclose more details regarding these efforts, but said it is also improving its risk management and know-your-customer procedures to fight phishing, among other additional security measures at the back-end.

Hackers stole bitcoin worth $41 million from Binance, one of the world's largest cryptocurrency exchanges, the company said on Wednesday, the latest in a string of thefts from cryptocurrency exchanges around the world. Withdrawals on the platform have been suspended, but trading is still allowed. Eastern Time, but since then Bitcoin (BTC) has been steadily rising and is now trading near $6,070. The difference between the two is that a hot wallet is a digital storage that's connected online and is used for liquidity, while a cold wallet is bitcoin stored offline.

According to London-based blockchain analytics company Coinfirm, the hackers have moved the stolen bitcoin through several digital wallets, with nearly all the coins now sitting in seven digital addresses.

"The hackers had the patience to wait, and execute well-orchestrated actions through multiple seemingly independent accounts at the most opportune time", Binance CEO Changpeng Zhao wrote in a blog post on Tuesday.

"But we believe with withdrawals disabled, there isn't much incentive for hackers to influence markets", Binance said.

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Zhao also apologized for his "reorg" statement, adding, "It is my strong view that our constant and transparent communication is what sets us apart from the "old way of doing things", even and especially in tough times". In message, the company has reasoned that hackers can still control some accounts and their usage may affect the prices.

The crypto exchange says that its Secure Asset Fund for Users, which it has referred to as an "emergency insurance fund", will cover the losses so users won't lose any money.

Statistics from the Wall Street Journal reveal that roughly $1.7 billion in cryptocurrency has been stolen by hackers throughout the years.

Mr Zhao also posted a link to the electronic history of the theft, which shows the hackers swiped more than 7074 bitcoins, worth $A59.5 million. Besides this, around $400 million were lost by Coincheck, because of hacking, in 2018.

It was yesterday when the predictions were enough to make investors happy of their potential investments in Bitcoin but what do we observe today?

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