Crypto exchange Binance raided, 7000 Bitcoin lost - Security

Binance exchange gets compromised 7000 BTC worth $40 million withdrawn by hackers

Binance, one of the world's largest and most popular cryptocurrency exchange services, has been hacked, and thousands of bitcoins were stolen.

Binance said the hackers ran off with over 7,000 bitcoin and used a variety of attack methods to carry out the "large scale security breach" which occurred on Tuesday.

The hacking efforts led the cyber crims to the exchange's "hot wallet" whereby a cache of cryptocurrency is available for immediate customer online transactions.

The hack comes amid a recent rally for bitcoin, which climbed 9 percent over the past week.

In a sophisticated attack that involved the coordination of multiple accounts and the unique structuring of transactions, hackers were able to evade the security checks set in place by the exchange.

Once the aforementioned transaction has been executed, various alarms were triggered and Binance stopped all withdrawals immediately.

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

The platform plans to use its Secure Asset Fund for Users (SAFU) fund to cover the losses suffered today. It does hurt very much but we are able to cover that.

Justin Sun, the founder of TRON personally posted on twitter he wants to help and support Binance by depositing 7000 BTC worth of USDT on binance which will be worth the same amount of hacked funds and buy BNB, BTC, TRX, and BTT if Changpeng Zhao (the founder of Binance) agrees.

"The team is still deciding that, and we are running through the numbers and checking everything", he added.

Binance also warned that "hackers may still control certain user accounts and may use those to influence prices". As of Wednesday afternoon, bitcoin was trading at US$5,901. In the past 24 hours, the trading volume on Binance stood at United States dollars 1 billion.

The fund consists of 10 percent of all trading fees absorbed by the exchange, and was initially launched to protect Binance's users "in extreme cases", according to a previous notice. Several companies hoping to cash in on the hysteria even changed their names to include the word "blockchain" - the technology that drives the virtual currency - sparking widespread amusement and mockery.

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