Binance, one of the world’s largest cryptocurrency exchanges by trading volume, has been hacked. The exchange announced the news on Tuesday, saying that hackers had stolen 7,000 bitcoins worth about $40 million.
The hack is a major setback for Binance, which has grown rapidly since it was founded in 2017 and is now one of the most popular cryptocurrency exchanges. It is also a blow to the wider cryptocurrency industry, which has been trying to shed its reputation for insecurity.
Binance said it had discovered the theft on Monday and that it had since “stopped all withdrawals” to “protect user funds.” The exchange said it would use its “Secure Asset Fund for Users” to cover the loss, which amounts to about 2% of its total assets.
NOTE: WARNING: It is important to note that Binance has experienced a number of security breaches over the years. While Binance takes security seriously and works hard to protect its customers’ funds and data, it is still vulnerable to hacking attempts. As such, users should always exercise caution when using Binance and should be aware that their funds may be at risk if their account is compromised.
The hack is likely to raise questions about the security of other cryptocurrency exchanges. Binance was one of the few exchanges that had not been hacked until now.
But it is not the only exchange to have been hit by thieves: in 2014, MtGox, then the largest bitcoin exchange, filed for bankruptcy after losing 850,000 bitcoins to hackers.
Binance said it was “working with law enforcement agencies” and would “provide updates as soon as possible.” It did not say how the hackers had stolen the bitcoins or whether any customer information had been compromised.
The hack is a major setback for Binance and the cryptocurrency industry as a whole. It remains to be seen how Binance will recover from this loss and whether other exchanges will be able to avoid similar attacks in the future.
5 Related Question Answers Found
Binance, one of the world’s largest cryptocurrency exchanges by trading volume, has been hacked. The exchange has confirmed that hackers stole 7,000 Bitcoin (BTC) from its hot wallet. The hack was first reported by The Block, which cited “a person familiar with the matter” as saying that the hackers had used a variety of techniques, including phishing and viruses, to steal the funds.
It’s been a tough week for cryptocurrency exchanges. First, it was reported that Binance, one of the largest and most popular exchanges, had been hacked. Then, just a few days later, it was revealed that another major exchange, OKEx, had also been hacked.
Binance, the world’s largest cryptocurrency exchange by trading volume, can’t seem to catch a break. The latest bad news for the company is that hackers were able to steal over 7,000 Bitcoin (worth around $40 million at press time) from its hot wallet. This is the second time in less than two years that Binance has been hacked, and it’s sure to renew concerns about the safety of centralized exchanges.
Binance US, the American arm of the world’s largest cryptocurrency exchange, is now live. The launch follows a lengthy testing period and comes as the United States tightens its regulations on cryptocurrency trading. Binance US is a digital asset marketplace, providing advanced financial services to traders in the United States.
It’s no secret that cryptocurrency exchanges have been hacked in the past. In fact, it seems like hardly a week goes by without another exchange being hit. So, the question on everyone’s mind is: can my Binance account be hacked?
