Hackers steal $40 million of Bitcoin from crypto exchange Binance

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One of the largest cryptocurrency exchanges Binance on May 7 reported a "large scale" data breach in which unidentified hackers stole 7,000 bitcoins worth about $40 million. The company has released a statement describing how the theft included API keys, two-factor codes and other information.

According to TechCrunch, he said that the attack was a very advanced effort executed by "very patient" hackers who waited until they had a number of high net worth accounts.

"The transaction (was) structured in a way that passed our existing security checks". Once the transaction was executed, it triggered alarms on Binance's system and all withdrawals were stopped immediately after that, the post said. So in many ways it's not surprising to hear about another hack.

The attack on Binance was detected at 17:15:24 UTC on May 7 when a single Bitcoin transaction (representing BTC withdrawals from multiple user accounts) moved approximately 7,074 BTC out of the exchange.

However, all deposits and withdrawals will remain suspended until the company's internal investigation is complete, the statement said, adding that trading will remain open and available to all users.

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The company was founded in Hong Kong in 2017, but previous year announced it was moving to Malta amid a crackdown by Chinese regulators.

Let's start off with Mt.Gox hack which led the hackers to steal a million bitcoin.

The exchange will use its Secure Asset Fund for Users (SAFU fund) to cover the loss, which won't impact users, according to the notice.

And he added that he was asking other exchanges to block bitcoins associated with the hacked wallet from being transferred elsewhere, which would render them largely useless. It's the world's largest cryptocurrency exchange, by trading volume. The "online heist" was made possible thanks to a large-scale security breach at the heart of Malta-based crypto giant Binance. However, deposits and withdrawals will remain suspended during the thorough security review that is now being conducted and is expected to last one week. The company said that thieves employed phishing and viruses to commandeer the 7,000 bitcoin, and that hackers might still control some user accounts.

By 9.33am United Kingdom time, bitcoin was trading hands at $5,832.28, down 0.56 percent, according to Coin Desk.

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