Binance, one of the world’s largest cryptocurrency exchanges by trading volume, has been “hacked” in a major security breach. The hack took place on May 7, 2019 and resulted in the loss of 7,000 Bitcoin (BTC), worth over $40 million at the time.
The hack was first detected by Binance’s security team, which immediately initiated a “thorough security review.” As part of this review, Binance suspended all withdrawals and trading on its platform.
It also implemented “additional security measures,” including the resetting of all 2FA codes and API keys.
In a statement released on May 8, 2019, Binance CEO Changpeng Zhao (CZ) said that the hack was “a large-scale security breach” and that the hackers had “access to a large number of user accounts and API keys.” CZ also said that the hackers had used a variety of techniques, including phishing, viruses, and other attacks.
NOTE: WARNING: Binance is currently down due to an unknown issue. It is unknown when the exchange will be back up and running. As such, any attempts to access Binance or related services could result in loss of funds or other adverse consequences. Please exercise caution and do not attempt to access Binance until further notice.
Binance has since resumed withdrawals and trading on its platform. It has also reimbursed all users who were affected by the hack from its own reserves.
In addition, Binance has offered a $250,000 bounty for information leading to the arrest of the hackers.
What happened?
On May 7, 2019, Binance was hacked in a major security breach that resulted in the loss of 7,000 Bitcoin (BTC), worth over $40 million at the time. The hack was first detected by Binance’s security team, which immediately initiated a “thorough security review.
” As part of this review, Binance suspended all withdrawals and trading on its platform. It also implemented “additional security measures,” including the resetting of all 2FA codes and API keys.
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