World's Largest Cryptocurrency Exchange Loses $41 Million in Bitcoins to Hackers

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One of the biggest bitcoin heists in recent history was the collapse of Japan-based bitcoin company Mt. Gox after it lost $460 million to hackers in 2014. All of its other wallets are "secure and unharmed", says the chief.

This, Binance states is a security breach at a large scale.

"Once executed, the withdrawal triggered various alarms in our system".

Since July 2018, Binance has been allocating 10 p.c of all procuring and selling expenses, which memoir for the massive majority of the firm's working profits, to the Stable Asset Fund for Customers (SAFU), an insurance fund to be extinct in an no longer seemingly case of a security breach.

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"We are making significant changes to the API, 2FA, and withdrawal validation areas, which was an area exploited by hackers during this incident".

The company said the one-time transaction was "structured in a way that passed our existing security checks".

Binance has stressed repeatedly that user funds will not be affected and that all losses stemming from the hack will be covered by the exchange's #SAFU fund.

The Binance CEO promised users there would be "a thorough security review", after conceding there "may also be additional affected accounts that have not been identified yet".

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In addition, Binance will soon add support for hardware devices, such as YubiKey and other devices. "We stopped all withdrawals immediately after that", Binance added.

"In reality, however, virtually all of them underestimate or ignore digital risks and allocate scant resources for cybersecurity". "But we believe with withdrawals disabled, there isn't much incentive for hackers to influence markets". We estimate this will take about one week.

Trading will not be suspended, but Binance cautioned that the hackers could still control certain user accounts and may use those to influence prices. "As cyber attacks on exchanges become more common, traders should only use exchanges to make trades, then remove the funds from the platform and store them in cold wallets as you would a physical wallet".

First pointed out first by The Block, 6 of the addresses hold 1,060.6 BTC each while one stores 707.1 BTC. It is because of situations like this that governments have taken negative stands towards cryptocurrencies, and have straightened their regulations towards cryptocurrency exchanges.

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