Hackers Steal Over 7,000 Bitcoin From Binance

Binance said it would conduct “a thorough security review” encompassing its systems and data during the next week

password
Security expert Troy Hunt, who maintains a database of hacked account data, said picking a good password was the "single biggest control" people had over their online security. Pixabay

Hackers stole over 7,000 bitcoin from global cryptocurrency exchange Binance, which provides a platform for trading more than 100 cryptocurrencies.

“Hackers were able to obtain a large number of user API keys, 2FA codes… They 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,” the start-up said in a statement late on Tuesday.

The hackers had the patience to wait, and execute well-orchestrated actions through multiple seemingly independent accounts at the most opportune time.

virtual currencies, bitcoin, investors
Bitcoin is a cryptocurrency and worldwide payment system. Wikimedia Commons

“The transaction is structured in a way that passed our existing security checks. It was unfortunate that we were not able to block this withdrawal before it was executed,” Binance added.

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“Once executed, the withdrawal triggered various alarms in our system. The start-up stopped all withdrawals immediately after that.”

Binance said it would conduct “a thorough security review” encompassing its systems and data during the next week. (IANS)