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Binance, the world’s largest cryptocurrency exchange where user funds are supposedly “#SAFU” (crypto speak for “safe”), was hacked for 7,000 BTC ($42 million) on May 7, 2019.
Hackers reportedly obtained a large number of API keys, 2FA codes, and other user info that allowed them to withdraw 7,000 BTC. What’s interesting about this hack is that Binance suffered a hack of the same kind 1 year ago in July, where the exact same amount of 7,000 BTC was stolen.
So does anyone remember that in July 2018, there was a mysterious 'hack' on Binance where 7000 BTC was also withdrawn and an emergency maintenance?https://t.co/xPfAldU5qM pic.twitter.com/5Ap5awAt2k
— Bitfinex’ed — full stop. (@Bitfinexed) May 8, 2019
Binance Never Resolved the Issue Leading to This Type of Hack?
Yesterday’s Binance hack of 7,000 BTC is the exact same hack that took place on Binance a year ago. The same amount of Bitcoin was stolen, and hackers stole it by exploiting user API keys.
It appears that Binance has not yet fixed the security issue that led to the previous breach, leading one to assume that another hack in the same vein is not out of the question.
An excerpt from TheNextWeb.com reporting on the last year’s hack can be seen below:
Never Forget…
Following the tweet from @Bitfinex’ed reminding everyone that Binance suffered the exact mysterious hack a year ago, it became clear that crypto enthusiasts remember it well.
One user joked that the Binance hack has become a meme in Chinese social media, and is now dubbed “the annual Binance 7,000 BTC hack.”:
It’s called the annual Binance 7000 BTC hack, it’s a meme now in Chinese social media, ppl don’t forget
— SatoshiWorld (@mwkl5532) May 8, 2019
Another user highlighted the fact that hackers withdrew the same amount of Bitcoin last year. Why they did so remains a mystery… presumably they’re the same hackers, and perhaps 7,000 has a symbolic meaning for them? Or maybe it’s something more obvious…
That’s weird. 7000BTC last time and 7000BTC this time 😂😂😂 hackers really love the number 7000 😂
— 12 Bullets Left (@12BulletsLeft) May 8, 2019
Do you think Binance can fix this underlying issue with API keys to prevent this hack from happening again? Why did hackers withdraw 7,000 BTC in both hacks? Let us know what you think in the comment section below.