From Binance Exchange - Hackers Steal $40 Million Worth of Bitcoin

NewcenturyBTC

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Binance , one of the biggest crypto exchange has been hacked $40 Millions on May 7th which is worth more than 7,000 bitcoin, pretty huge!


According to Binance , hackers found a "“large scale security breach” so they were able to access user API keys, two-factor authentication codes and other infos..


The Hackers succeed to withdraw $40 Millions worth in Bitcoin , they bypassed all security checks, the job was fastly executed and let not chance to the exchange to block that transaction.


Luckily , big exchanges like Binance have a Secure Asset Fund for Users SAFU Fund) to insure and cover loss, so users of the platform won't be impacted.


This sad event , will certainly has a bad impact for crypto market , i think crypto exchanges must improve their security , it should be flawless otherwise traders will lose trust and they can chose to save their funds in the traditional bank system which is safer for now.....


Source: https://techcrunch.com/2019/05/07/binance-breach/
 
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