Crypto Exchange Binance Says It's Revamping Security in Post-Hack Update

Hackers Steal $40.7 Million in Bitcoin From Crypto Exchange Binance

Hackers Steal $40.7 Million in Bitcoin From Crypto Exchange Binance

Binance had to go through one more hacking attempt the hacker has stolen over 7,000 bitcoin units. All the other wallets are secure, according to the exchange.

According to reports, the amount stolen may seem massive to us humans, but for Binance, it only takes 47 days to recover those losses, being the 6th largest crypto exchange in the world, it makes over $800k per day.

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

To protect the future interests of all users, Binance will create a Secure Asset Fund for Users (SAFU).

The hackers were able to withdraw approximately 7077 bitcoins (BTC) in a single transaction - roughly $41.8 million at Bitcoin's current price. Furthermore, the malicious transaction was structured in a way that blindsided Binance security systems.

While trader hopes best for the dominant cryptocurrency, they said bitcoin is possibly continued its uphill movement till it smashes a major resistance level that is too big for the asset to handle. As per the announcement that came with the launch, Binance allocated 10% of all trading fees received into SAFU to offer protection to the users and their funds in extreme cases.

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"Tentatively, we are looking to resume withdrawals and deposits early next week".

Binance is set to perform an "a thorough security review" thus consisting of systems and data for the next week.

"In reality, however, virtually all of them underestimate or ignore digital risks and allocate scant resources for cybersecurity".

In order to ensure the market under no influence from hackers, he concludes, deposits and withdrawals would remain suspended for a week. At the time of the hack (Tuesday, May 7), the exchange said it expects this process to take about one week. In his words: "Please also understand that the hackers may still control certain user accounts and may use those to influence prices in the meantime". It was unfortunate that we were not able to block this withdrawal before it was executed. This is the 6th largest hack in crypto history, representing 2% of Binance's Bitcoin stock.

Economist Alex Krüger commented that "in a bear market this would have easily have caused a deluge", while Ethereum advocate Anthony Sassano added that "the largest crypto exchange gets hacked and the market shrugs it off within a few hours ..."

"We beg for your understanding in this hard situation", Zhao wrote.

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