Crypto exchange Binance raided, 7000 Bitcoin lost - Security

Crypto exchange Binance raided, 7000 Bitcoin lost - Security

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.

Iran suspends nuclear deal curbs in push for relief from USA sanctions
Iran sent letters on Wednesday on its decision to the leaders of Britain, China, the European Union , France and Germany. That halted the promised worldwide business deals and dealt a heavy blow to Iran's already anemic economy.

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.

Related News:

  • US Returns $57m Hollywood Money To Malaysia

    US Returns $57m Hollywood Money To Malaysia

    His attorney -Marc Agnifilo - called his release is a victory, although he is expected to remain under house arrest in NY . Ng arrived in NY from Malaysia early Monday and appeared in federal court in Brooklyn, where he entered a not guilty plea.
    Google Pixel 3a and Pixel 3a XL Launched - Highlight Features and Price

    Google Pixel 3a and Pixel 3a XL Launched - Highlight Features and Price

    Google's original design team did have some input, as is to be expected, but "the lion's share of the work" took place in Taiwan . It is worth noting the Pixel 3a also comes in a larger model, the Pixel 3a XL , that offers a 6-inch OLED panel for Android fans.
    Uber drivers plan strike ahead of IPO

    Uber drivers plan strike ahead of IPO

    The Uber spokesman said thousands of drivers in India earned the reward, but did not provide an exact number. They timed their protests in advance of Uber's initial public stock offering, which is planned for Friday.
  • Samsung will begin cancelling Galaxy Fold pre-orders

    Samsung will begin cancelling Galaxy Fold pre-orders

    As per tipster Ice Universe , the company is planning to unveil the powerful fast charging technology with its Galaxy Note series. Samsung Galaxy Fold shipments have been delayed after a display fault was pointed out by several early adopters.
    Michael Cohen enters jail, vows to 'share the truth' about Trump

    Michael Cohen enters jail, vows to 'share the truth' about Trump

    Despite its reputation as one of the country's more comfortable prisons, the consultants stressed that Otisville was still prison. The Chicago Tribune spoke with a former case manager at Otisville who said, "Prison is disrespectful.it's impersonal".
    After Missed Mueller Report Deadline, House Democrats Pursue Contempt Vote For Barr

    After Missed Mueller Report Deadline, House Democrats Pursue Contempt Vote For Barr

    Yet Pelosi also said Trump seems to be "making the case" for his impeachment by brazenly obstructing investigations. Trump has said he will block those efforts, declaring he will "fight all the subpoenas ".
  • President Trump's threat to raise Chinese tariffs sends markets into tailspin

    President Trump's threat to raise Chinese tariffs sends markets into tailspin

    Treasury Secretary Steven Mnuchin attributed the strong growth to Trump's economic policies, including on trade. The US plans a hefty increase in tariffs on Chinese products, to come into effect on Friday.
    Iran to announce diminishing commitments to JCPOA tomorrow

    Iran to announce diminishing commitments to JCPOA tomorrow

    We speak with Trita Parsi in Washington, D.C., author of "Losing an Enemy: Obama, Iran, and the Triumph of Diplomacy". Nearly all large European firms have withdrawn from the Iranian market, depressing the economy still further.
    Chennai Super Kings vs Mumbai Indians Qualifier 1

    Chennai Super Kings vs Mumbai Indians Qualifier 1

    Murali Vijay displayed some grit and managed to score crucial 26 runs, stabilising CSK after early blows. MI have dominated in the tournament so far winning their home and away matches against CSK.
  • World markets slump amid US-China trade tensions

    World markets slump amid US-China trade tensions

    Alabama's trade connection to China has proved resilient, even in the face of tariffs over the a year ago . Negotiations on removing punitive USA tariffs has been one of the remaining sticking points.
    NY  measles outbreaks driving spike in new cases

    NY measles outbreaks driving spike in new cases

    NY has, historically, been home to the largest percentage of Jewish people in America, making it a potential hotbed for outbreaks. New York has been contending with two large outbreaks, one in Rockland County and one in the New York City borough of Brooklyn.
    Mike Pompeo visits Brexit Britain as Iran warns over nuclear deal

    Mike Pompeo visits Brexit Britain as Iran warns over nuclear deal

    In Iraq, a debate has been raging in recent months over the fate of some 5,200 United States troops stationed across the country. Mr Pompeo cancelled a trip to Berlin to meet with Iraqi leaders during a four-hour stop in the capital Baghdad .


Most liked

Donald Trump Jr. subpoenaed by Republican-controlled Senate intelligence committee
The subpoena will likely spark a protracted legal battle, one that may not be resolved for months or even years. We're not sure why we're fighting with Republicans", a source close to Trump Jr. told Axios .

Treasury Secretary Mnuchin denies House Dem's request for Trump's tax returns
Leading Republicans in NY state have similarly ridiculed Hoylman's bill as a partisan attempt to embarrass the president. Mnuchin said Monday he had made his decision in consultation with the US Department of Justice.

Dutch Wonderkid Rejects £60m Manchester United Move
The Dutch International is certain to leave the club this summer and there are many suitors including Manchester United . De Ligt even turned them down before United had failed to secure a top four finish and Champions League qualification.

1 dead, 8 hurt in Colorado school shooting, 2 in custody
Parents and students had considered the school a safe place for its 1,850 pupils ranging from kindergarten to 12th grade. "Douglas County Coroner Jill Romann has not officially identified the student is stating it's an 18 year old male".

Hazard to hand in transfer request to force Chelsea exit
He was signed in January and then loaned back to Borussia Dortmund but will join Chelsea for next season. Chelsea were given the ban after breaking Federation Internationale de Football Association rules.

Embiid suffering from respiratory infection, probable for Game 5
The Philadelphia 76ers are averaging 110.2 points on 46.1 percent shooting and allowing 107.5 points on 43.4 percent shooting. He battled through the pain and played, but you could tell that the breakout forward was a shell of himself in that contest.

Pakistani Christian woman Asia Bibi has left the country: lawyer and media
The case has brought worldwide attention to Pakistan's controversial blasphemy law, which carries an automatic death penalty. Bibi's husband Ashiq Masih in a video message had appealed to the world leaders to help Asia leave Pakistan for her safety.

Shoura: Ramadan begins this Monday, even in Luxembourg
Able-bodied Muslims are expected to abstain from eating, drinking and sexual relations from dawn to sunset each day of the month. During the month of Ramadan , Muslims are encouraged to give out alms (sadaqa) even if it is a piece of date .

EA's Gaming Subscription Comes To PS4 In July
What Games Are On EA Access For PS4? Along with its library of older EA titles, Access comes with the "Play First Trials". With an EA Access subscription, players get access to the bulk EA's current-generation games through the EA Access Vault.

Russian Aeroflot plane engulfed in flames at Moscow airport
Major tragedy struck Russian air travel yesterday as an Aeroflot jet burst into flames following an emergency landing. He was unable to open the doors there and assisted passengers towards the front where they could evacuate.

Android Auto redesigned to be more user-friendly
The new version removes the app shortcuts from the system bar's navigation and instead turns it into a mini app bar. Because Android Auto runs entirely from your connected phone, the new UI will come in the form of an app update.

Together at last: Microsoft will ship a Linux kernel with Windows
Interested gerbils can grab the source and build it for themselves from its GitHub repository. He says that Microsoft employs a "growing number" of Linux contributors.

Australian PM Scott Morrison egged by protester on campaign trail
Morrison was struck by her hand and an elderly woman was knocked to the ground in the scuffle, but police said nobody was injured. The moment an activist attempted to crack an egg on the head of Australian PM Scott Morrison has been captured on video.

Trump Suffered $1.17 Billion in Business Losses Between 1985 and 1994
Citing printouts from the president's Internal Revenue Service (IRS) tax transcripts obtained by the paper, The Times said Mr. Trump's most profitable business during this period, the Times reported , was not in real estate but in the stock market.

Country House won't run in the Preakness
The champion horse is now coughing and his blood profile is not normal, his trainer, Bill Mott , told ABC News. He's off the training list, and if he's off the training list he's off the Preakness list.