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MrNice23

$40 Millions Hacked From Binance Exchange!

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Posted (edited)

Binance , one of the biggest crypto exchange has been hacked $40 Millions on May 7th which is worth more than 7,000 bitcoin, pretty huge! 

According to Binance , hackers found a "“large scale security breach” so they were able  to access user API keys, two-factor authentication codes and other infos..

The Hackers succeed to withdraw $40 Millions worth in Bitcoin , they bypassed all security checks, the job was fastly executed and let not chance to the exchange to block that transaction.

Luckily , big exchanges like Binance have a Secure Asset Fund for Users SAFU Fund) to insure and cover loss, so users of the platform won't be impacted.

This sad event , will certainly has a bad impact for crypto market , i think crypto exchanges must improve their security , it should be flawless otherwise traders will lose trust and they can  chose to save their funds in the traditional bank system which is safer for now..... 

Source: https://www.coindesk.com/hackers-steal-40-7-million-in-bitcoin-from-crypto-exchange-binance

Edited by MrNice23

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Well, I sure hope they had insurance to be able to refund those users who had their funds stolen. You would think a big exchange like binance would have some hedge against these types of attacks, so let's just hope that this is the case :)

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Is it possible that the funds retached can be directly on the WD? I am not so sure this happened because the binance party must move quickly also to anticipate this. If I'm not mistaken. This temporary feature for WD is disabled by Binance. I am sure the funds that have been hacked have not been fully disbursed. I applaud Binance they really care for their exchanger service users.

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Thats huge, I wonder how their cyber security team bypass by this kind of hacker, as a famous exchange site they should strong security system, sad

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That's actually crazy I wonder how much bitcoin stolen over the last few years has influenced price pumps like we're seeing at the moment in reality only a few hundred people own almost 25% of bitcoin so they can still pump it up whenever they want in reality.

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3 hours ago, JstLikeMagyk said:

 price pumps like we're seeing at the moment 

Well there could be many hacks that had happened which influenced price pumps but we can't really say that the recent bitcoin pump was influenced by that hack. 

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13 minutes ago, Kate said:

Well there could be many hacks that had happened which influenced price pumps but we can't really say that the recent bitcoin pump was influenced by that hack. 

This hacking in no way affected the growth of Bitcoin. Not such amounts can affect this.

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