Last week was a particularly eventful one for the crypto space with Bitcoin making some significant price gains but the one that stood out the most is the security breach on Binance that saw 7,000 Bitcoins stolen out of hot wallets.
So yes, one of the biggest crypto exchanges suffered a big hack where $41 million worth Bitcoins were stolen. Following the attack, the exchange announced that they were a victim of a hack due to a breach in security.
“A large number of user API keys, 2FA codes, and potentially other info,” in order to carry out the attack.” The exchange went on to add, “the hackers used a variety of techniques, including phishing, viruses and other attacks. We are still concluding all possible methods used. There may also be additional affected accounts that have not been identified yet.”
Yesterday, May 12th, the CEO of Binance posted the third update in the Binance incident. Changpeng Zhao posted an article on the exchange’s website where he states:
“Our team is making progress and has been working through the weekend. In the past few days, we have made some significant overhauls to our system, with a large number of advanced security features added and/or completely re-architected. We will share details on some of the changes later.
We aim to fully resume deposits and withdrawals on Tuesday. The time will be communicated at a later stage, depending on how the testing goes. This upgrade will require a trading halt. We will update you again tomorrow.”
Following the attack on the exchange, a lot of big crypto figures offered their support for Binance including the CEO of TRON, Justin Sun who offered to donate the equivalent of the stolen Bitcoin in USDT.
In thanking the community, CZ said:
“Thanks for the support, really appreciate it. But currently no need. We will cover the loss from the #SAFU fund, there is enough. We are hurt, but not broke. We are working hard to resolve the issue, so that everyone can deposit and withdrawal again. Will take some time.”