Bitcoin hackers steal over $40M in 'well-orchestrated' cyber breach

Binance exchange gets compromised 7000 BTC worth $40 million withdrawn by hackers

HACKERS HAVE PILFERED $41m (some £31m) worth of Bitcoin from the Binance cryptocurrency exchange after swiping 7,000 digital coins in one fell swoop. The company said the hackers also compromised API keys, two-factor authentication codes and "potentially other info".

Binance, founded in 2017 and led by Changpeng Zhao, said online that a "large scale security breach" had been found Tuesday at around 5:15 p.m. This transaction targeted the BTC hot wallet only. CZ claims that the hack "impacted [their] BTC hot wallet only (which contained about 2% of [their] total BTC holdings)" and that "a$3 ll of [their] other wallets are secure and unharmed".

The Bitcoin withdrawal triggered alarms in Binance's internal system, and the halted withdrawals immediately after that.

The company reported that maintains an emergency fund for these eventualities, called Safu, which will be used to cover the stolen Bitcoin.

Deposits and withdrawals on Binance's platform will remain suspended but trading will be allowed.

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While this sounds bad, and it definitely is, the loss of 7,000 bitcoin is just one of many potential problems affecting the exchange and its customers.

The US Securities and Exchange Commission (SEC) received a new application for a cryptocurrency ETF license.

A statement was released, discussing the issue further, noticing the hacker's "patience to wait" in order to "execute well-orchestrated actions through multiple seemingly independent accounts at the most opportune time". The post also notes a transaction that shows that the hackers were able to withdraw roughly $41 million in Bitcoin. In message, the company has reasoned that hackers can still control some accounts and their usage may affect the prices.

In that session, we learned that CZ and Binance are working to rebuild the damaged system and erase the trace of hackers from their data. XBET will be traded on the New York Stock Exchange (NYSE). That fund contains 10% of all of Binance's trading fees.

"While there remains no single declarative event, we believe the most significant was Bitcoin reattaining the 200 days moving average and sustaining that level". Implying that immutability of the Bitcoin blockchain was optional if a big enough entity, like Binance, wished it so.

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