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.