Binance cryptocurrency exchange hacked, 7000 bitcoin stolen Featured

Binance hacked for 7,000 Bitcoin in “large scale security breach” - Decrypt

It is a testament to the bullishness of the market that Bitcoin (BTC) has exceeded $6,000 despite the Binance hack and the New York Attorney General's Office lawsuit against Bitfinex and Tether (USDT). According to Binance, all other wallets were not affected in the hack and remain secure.

The Taiwan-based company, one of the world's largest crypto exchanges, announced that it discovered a "large scale security breach" Tuesday.

"The hackers had the patience to wait and execute well-orchestrated actions through multiple seemingly independent accounts at the most opportune time".

To protect the future interests of all users, Binance will create a Secure Asset Fund for Users (SAFU).

The sooner the hacking even was executed the internal alarms were executed, and Zhao stated that the exchange had actually frozen withdrawals following the discovery of the hacking. Furthermore, the malicious transaction was structured in a way that blindsided Binance security systems.

The hack may prompt Binance to push more users to Binance DEX, its recently launched decentralized exchange. Binance CEO Zhao that users should be wary as hackers may still be in control of some accounts and may attempt to influence pricing.

Trump 'very surprised' by son's subpoena in Russian Federation probe
Rand Paul a day earlier tweeted that Burr apparently "didn't get the memo from the Majority Leader that this case was closed". Warner made the comments at a breakfast Thursday hosted by the Christian Science Monitor.

US Announces 25% Tariffs on Another $200 Billion of Chinese Imports
The Standard & Poor's 500 index retreated 1.4 percent and the Nasdaq Composite was 1.8 percent in the red in midmorning trading. China's top trade negotiator, Vice Premier Liu He, is supposed to begin another round of talks on Thursday with U.S.

Older of two students arrested in Colorado shooting held on murder charge
Parents of students at the STEM School have been told to go to the Northridge Rec Center to pick up their child. Shots were fired, and deputies struggled with the suspects before taking them into custody, he said .

Zhao Changpeng, CEO of Binance, wrote that all systems of security and data will be reviewed thoroughly.

"Tentatively, we are looking to resume withdrawals and deposits early next week".

"In reality, however, virtually all of them underestimate or ignore digital risks and allocate scant resources for cybersecurity".

If history has taught us anything is that nobody is 100% protected against hackers, despite all the security measures they may take into consideration when developing and updating their platforms. "But we believe with withdrawals disabled, there isn't much incentive for hackers to influence markets".

Binance ranks No. 4 worldwide in trading volume over the past 30 days, but a 26 per cent drop in trades downgraded it to No. 13 for the past 24 hours, according to the CoinMarketCap website.

Bitcoin now trades at $6,800 at an 8% increase in the past 24 hours. It is because of situations like this that governments have taken negative stands towards cryptocurrencies, and have straightened their regulations towards cryptocurrency exchanges.

Related news:

Hot News

isis-killer-beheading-video-story-top Ferrari boosts engine for Spanish GP, trying to catch Mercedes
May 12, 2019 - 03:45
Cesaro will remain in Barcelona to watch Sunday's race before joining WWE's tour through the United Kingdom and Europe. I don't really feel this is the place to talk about it, but there are things that happen that you just don't know.

isis-killer-beheading-video-story-top Trump 'Very Surprised' by Senate Panel's Subpoena for Son
May 12, 2019 - 03:40
The Senate Intelligence Committee has issued a subpoena for Donald Trump Jr ., a source confirmed to Fox News on Wednesday. Although Trump Jr had. already in September 2017 before the judiciary Committee of the Senate.

isis-killer-beheading-video-story-top Champions League Run-In Shows The Path For Manchester United
May 12, 2019 - 03:38
The replica is used by the Premier League and often on display in television studios and on promotional tours. If Liverpool win their final game against Wolves , and Manchester City slip up, then they will win the league.

isis-killer-beheading-video-story-top There's a 'recent sense in Warriors circles' that Kevin Durant might stay
May 11, 2019 - 07:14
Durant strained his right calf in the third quarter of the Warriors' 104-99 win against the Rockets on Wednesday in Oakland. Kawhi Leonard has been the best player in the East this postseason, so he would give Toronto a chance against Milwaukee.

isis-killer-beheading-video-story-top Carolina Hurricanes: Top Three Saves of the Season
May 11, 2019 - 06:59
Though the Blue Jackets pushed hard each play and hoped to stay alive, Rask shut them down on 10 power plays in the final three games of the series.

isis-killer-beheading-video-story-top Avalanche fans upset over Game 7 goal lost to offsides call
May 11, 2019 - 06:55
Both teams have overcome a lot of adversity to get to this point, so don't be surprised if this series goes to seven games. The San Jose Sharks are averaging three goals per game and are scoring on 18.5 percent of their power play opportunities.

isis-killer-beheading-video-story-top Steve Kerr Reveals Timetable For Kevin Durant’s Return
May 11, 2019 - 06:40
It would be a shock if he came back for the end of the Houston series, but Golden State has to hope he can recover in time for some of the Western Conference Finals.

isis-killer-beheading-video-story-top Nuke envoys of S. Korea, US hold meeting following DPRK's projectile launches
May 11, 2019 - 04:28
They covered distances of 420 km and 270 km and reached an altitude of about 50 km before falling into the sea, they said. South Korea responded to last week's action by the North by calling for an end to acts that escalate military tension.

isis-killer-beheading-video-story-top Royal Baby Named After Meghan’s Pet Cat, US Comic, Friends Believe
May 11, 2019 - 04:04
Indeed, a look at our infographic shows that over the past 100 years, neither of the baby's first names has been given to a royal. Meghan and Harry are not the first royal couple to shun official titles in a bid for their children to lead more "normal" lives.

isis-killer-beheading-video-story-top Prince Harry Opens Up About Missing Diana Days After Archie's Birth
May 10, 2019 - 15:00
Now several theories have emerged as to what inspired the Duke and Duchess of Sussex to call the seventh-in-line to the throne. As the grandchild of the next Monarch, the public was expecting a more traditionally British name like Albert or James.

isis-killer-beheading-video-story-top United States seizes North Korean ship it accuses of violating sanctions
May 10, 2019 - 15:00
On Thursday, the Wise Honest was in U.S. custody and on its way to American Samoa, the Justice Department said. It's Pyongyang's largest bulk carrier, and the first to be seized by the US for violating sanctions .

isis-killer-beheading-video-story-top Ramaphosa's Economic Revamp at Stake as South Africa Votes
May 10, 2019 - 14:59
And many people did not even bother to register to vote, disenchanted by the ANC and the other main parties. Ramaphosa, a wealthy businessman and former union leader, is more popular than his party.

isis-killer-beheading-video-story-top Kevin Durant goes down in 3rd quarter with right calf strain
May 10, 2019 - 14:55
Even if the Warriors advance, that's a big hole in their offense for a relatively lengthy period this time of year. He was leading the team with 22 points when he was hurt, and also had five rebounds and four assists.

isis-killer-beheading-video-story-top Android 10 Q : 10 Things You Need to Know
May 10, 2019 - 14:49
Speaking with Variety , Google seemingly confirmed that the Android TV won't be seeing the Q update anytime soon. Android is the world's most popular mobile operating system and google leads its development.

isis-killer-beheading-video-story-top English clubs doing it tough in Europe, says Chelsea coach Sarri
May 10, 2019 - 14:46
As for Arsenal , it was a Pierre-Emerick Aubameyang hat trick that paced the Gunners to a 4-2 win, advancing 7-3 on aggregate. Arsenal have been woeful in the Premier League and require a miracle this weekend to finish in the top four above Spurs.