Binance which is a cryptocurrency exchange confirmed a large-scale fraud. The statement says hackers managed to get through two-factor codes, other information and even stole API keys with around $40 million in cryptocurrency.

Binance managed to trace the theft when hackers stole the main content of the company’s bitcoin wallet. It has majorly impacted the total bitcoin holdings. The report says it is near around 2 percent. Hackers did not do the robbery in a hurry and managed to keep patience and waited for the right opportunity. They executed their actions well and created multiple independent accounts.

Cryptocurrency Data Breach
Image Source – https://www.bitira.com

They structured everything in a way that it passed the company’s security check. Statements say that the company was unable to block this transaction before it happened. After the execution, multiple alarms rang in their system and then they stopped all transactions after that. Binance has managed a secure asset fund for users which will cover users’ losses.

Brief Details About the Cryptocurrency Theft Took Place

It was a very organized hack that happened very patiently, and hackers waited till the time they have high net worth accounts. The company does not have at present how many users were affected; however, they will be able to cover the loss.

The company is currently in touch with other exchanges to stop the deposits from the hacked addresses. Binance will stop all the deposits and withdrawals for a week to ensure safety. They are looking forward to completely vanish all the traces of hackers from users’ accounts. The company even asked everybody to change their two-factor authentication and API keys.

Their team is still working onto maintaining the credibility of bitcoin and ensuring complete transparency. The company mentioned that they are trying to manage the things cautiously.

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