Binance Exchange Hacked – Hackers steal 7000 Bitcoin

Largest Cryptocurrency Exchange Binance got hacked and 7000 BTC worth of $40 Million was stolen reported on 8 May 2019.

Binance revealed the details on a large scale security breach of 7000 BTC hack. Hackers got access to a large number of users API keys and 2FA codes and other important info.

Binance reported that hackers used the different types of techniques including phishing, viruses and some other types of attacks to steal the funds from the exchange.

Hackers withdraw the amount of 7000 BTC from the binance exchange shown in the following transaction:

Binance claimed that this transaction only affected their HOT WALLET which contained only 2% of their total Bitcoin holding and most of the funds are stored in other cold wallets that are unharmed and secured.

Binance Exchange will use the SAFU insurance fund to cover their loss from this hack and users account balance will not be affected by this hack.

The Exchange will conduct a security review for all the system data and it may take around one week. So all deposits and withdrawal will be suspended during this time and users are unable to use these services for a while.