Hackers Steal $40M Worth of Bitcoin From Binance, One Of World’s Biggest Crypto Exchanges

Isheka N. Harrison
Written by Isheka N. Harrison
Photo via flickr by Marco Verch

Binance was the victim of a $40 million bitcoin heist. One of the world’s largest cryptocurrency exchanges, Binance said hackers withdrew 7,000 bitcoins from users, Bloomberg reported.

In a post on its website, Binance said they “discovered a large scale security breach” on May 7. They said hackers obtained user data by using “a variety of techniques, including phishing, viruses and other attacks.”

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The hefty bitcoin heist is the latest in a series of digital thefts that have hit the financial marketplace. However, despite this, Bitcoin’s value is still rising in the market, according to Kitco. The value reached $7,000 per coin Monday.

Zhao Changpeng, Binance’s CEO said the theft was “well-orchestrated” and “the hackers had the patience to wait.” The company said it will cover users’ lost funds with its Secure Asset Fund for Users (SAFU), which is emergency insurance.

In a tweet about the incident Zhao said Binance would remain transparent.

About Isheka N. Harrison

Isheka N. Harrison is an experienced writer, editor, educator, media and communications professional who thoroughly enjoys telling people’s stories. A former editor of the South Florida Times, Isheka has been featured as a speaker for New Florida Majority’s “Black Women in Media” Panel for Women’s History Month, served as a judge for JM Lexus’ 2018 African American Achievers Awards and named one of “South Florida’s 40 Under 40 Black Leaders of Today and Tomorrow” by Legacy Magazine/Miami Herald. A native of Miami, Isheka's work has appeared in notable local and national media outlets including: ESSENCE Magazine, Upscale Magazine, The Miami Herald, The Miami Times and more. She holds a Master’s Degree in Public Relations from Kent State University and a Bachelor of Arts in English from Clark Atlanta University. Isheka is also a member of several para-professional organizations including the Black Professionals Network (BPN), National Association of Black Journalists (NABJ) South Florida and ColorComm. To learn more about her story, you can connect with Isheka on LinkedIn at http://www.linkedin.com/in/ishekah or on Facebook, Twitter and Instagram @ishekah. To pitch her any tips or ideas for articles, email her at iharrison@moguldom.com.