Hackers steal almost £31 million in Bitcoin from online exchange

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

Other wallets were "secure and unharmed", the firm said.

The hackers used a variety of techniques including phishing, viruses and other forms of attack. The company does plan to continue to enable trading, allowing users to adjust positions.

Many people are drawn to bitcoin because they can make transactions anonymously.

While Binance is one of the largest crypto-currency exchanges, the heist is not the largest the Bitcoin world has seen.

Binance noted that rather than get some credentials and get to stealing the digital money, the hackers waited until they had access to a number of accounts before then making a grab at a bountiful amount of Bitcoins in a single swoop.

The company will use its Secure Asset Fund for Users, an emergency insurance fund, to cover the incident in full and no user funds will be affected, it said. "But we believe with withdrawals disabled, there isn't much incentive for hackers to influence markets".

The transaction triggered Binance's internal alarms, following which all withdrawals were frozen, Zhao added.

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Binance admins froze deposits and withdrawals immediately after and put the site in maintenance mode to investigate the enormous pile of money that left their platform.

Even cryptocurrency investors unscathed by hacks and scammers are still feeling the pain of a market that has dwindled in value. One bitcoin trades at almost $6,000.

Bitcoin (BTC) that had hit another new landmark just yesterday astonishes us with great price bands in the daylight. The Market Capitalization of Bitcoin is 111,202,271,139 Dollars with s 24h volume as 17,960,440,162 USD.

Cryptocurrency thieves are $58.76 million richer today after pulling off a theft of more than 7,000 Bitcoins from a prominent cryptocurrency exchange. As of Wednesday afternoon, bitcoin was trading at US$5,901.

Binance, one of the world's biggest cryptocurrency exchanges, announced it has been a victim of a massive security breach.

In an even more freakish move, Binance's CEO is so mad that he has even considered reorganizing the entire bitcoin blockchain so as to cancel the transactions and ensure the criminals do not enjoy their loot.

"Hacks aren't instant, often an attacker embarks on a campaign which lasts months before releasing a payload", Azzopardi continued.

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