Binance hacked for 7,000 Bitcoin in “large scale security breach”

Though trading will continue, the $40 million hack means Binance will halt withdrawals and deposits for a week, while performing a security audit.

Binance suffered a large scale security breach late today, according to a statement. Hackers managed to obtain API keys, two-factor-authentication codes and other information. In addition, 7,000 Bitcoin ($40 million) were withdrawn in a single transaction.

The hackers used multiple techniques, including phishing attacks and computer viruses to get at Binance and its hot wallets, where it keeps funds to manage the day-to-day operation of the exchange. The hackers were unable to access the Binance cold storage—the off-line wallets where the majority of funds are kept. Likewise, individual user wallets were not directly affected.


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