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.