Hackers steal $42 million — BINANCE DISASTER

Bitcoin Breaking Binance Hot Wallets Lose 7,000 Bitcoin In “Large Scale” Security Breach Nick Chong

Once executed, the withdrawal triggered various alarms in our system.

Binance Hacked: How did it happen?

The attack on Binance was detected at 17:15:24 UTC on May 7 when a single Bitcoin transaction (representing BTC withdrawals from multiple user accounts) moved approximately 7,074 BTC out of the exchange.

Binance urges its users to change their API keys and two-factor authentication.

The 7,000 Bitcoins are worth roughly $40 million, based on current Bitcoin composite pricing calculated by Bloomberg.

Binance said the theft affected one of its Internet-connected wallets, which contained about 2 per cent of its total bitcoin holdings.

Binance has reported that all of their other wallets are secure and are unharmed.

In a tweet linking to the post, Zhao said it was "not the best of days, but we will stay transparent".

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This is likely to be a very tough sell because you would essentially be telling them to give up their past reward blocks of 12.5 BTC each.

Some people are freaking out for some reason but to keep it real, there are of course some hardcore Binance haters out there who just want to see Binance burn. At the time of publication, bitcoin is still over the $5800 support level and only down by around 1% in the last 24 hours.

Nevertheless, Binance also briefly considered the more drastic option of rolling back the Bitcoin blockchain to rectify the effects of the hack.

In 2014, Mt Gox was hacked to the tune of $470m. In recent years, a slew of crypto exchanges have been targeted by hackers and cybercriminals.

Cryptocurrency, including bitcoin, is traded online and does not operate within the traditional banking infrastructure.

The crypto exchange says that its Secure Asset Fund for Users, which it has referred to as an "emergency insurance fund", will cover the losses so users won't lose any money. While trading can continue, all transactions will reportedly take a week to complete.

Binance suffered a large-scale security breach today, according to a statement. Withdrawals have now been suspended on the platform. CEO Changpeng Zhao said in a website post on Wednesday that the company would use a fund to cover users' losses.

The upwards momentum first began in early-April when Bitcoin was trading in the low-$4,000 region, before it incurred significant buying pressure that boosted its price up to $5,400, at which point it began trading sideways before breaking above $6,000 late-yesterday.

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