Binance Exchange Reports $41m Bitcoin Hack Heist

/ 2 years ago

Bitcoin Exchange Reports $41m Hack Heist

While the cryptocurrency craze has died down quite significantly from its 2017 boom, there are still many people engaged in both the mining and trading of various coins. As such, while business may not be as strong as it once was, exchange websites such as Binance are still very popular.

In a report via the BBC, however, the online cryptocurrency exchange website has reported that a huge hack has resulted in around $41m of Bitcoin being successfully stolen. An attack which seemingly formed the conclusion of many months of planning!

Binance Exchange Reports $41m Bitcoin Hack Heist 1


The exchange has reported that a targeted hacker attack was successfully able to steal around 7,000 Bitcoins in one go. As such, for the moment, all withdrawals have been temporarily suspended on the site.

The theft was reportedly taken from their “hot wallet”. A cache of currency specifically set aside for transactions. According to reports, the hackers were very patient in their attack, seeming accumulating various account details before launching their heist.

Will Users Get Their Money Back?

Binance has already said that they will look to endeavour to compensate any users who lost money in the attack. Specifically, via their insurance program. On the whole, however, this is effectively an Oceans 11 style of robbery and, at least in that regard, it has to be somewhat appreciated.

The exchange has said that as soon as they have determined a ‘fix’ for this, they will re-open account withdrawals.

What do you think? Do you mine cryptocurrency? – Let us know in the comments!

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