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Binance announces security breach, hackers made off with 7000 BTC


www.chepicap.com 08 May 2019 04:00, UTC
Reading time: ~1 m

It was just announced by Binance that the exchange has suffered a security breach and that hackers were able to transfer out 7000 Bitcoin before withdrawals were halted.

Not the best of days, but we will stay transparent. Thank you for your support!https://t.co/Y1CQOatEpi

— CZ Binance (@cz_binance) May 7, 2019

Taken from the official announcement:

"We have discovered a large scale security breach today, May 7, 2019 at 17:15:24. Hackers were able to obtain a large number of user API keys, 2FA codes, and potentially other info. The hackers used a variety of techniques, including phishing, viruses and other attacks. We are still concluding all possible methods used. There may also be additional affected accounts that have not been identified yet."

According to the exchange, no user funds will be affected despite the hackers making off with 7000 Bitcoin, which is 2% of Binance's total BTC holdings. Thanks to the SAFU fund, the loss will be covered in whole.

Despite no major losses for user wallets, the exchange has announced it will keep deposits and withdrawal suspended for approximately one week as it conducts a thorough security review.

At this time details are scarce, so stick with Chepicap for all updates as this story unfolds!

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