There have been many online thefts and fraudulent activities at cryptocurrency exchanges. As per media reports, hackers have stolen more than $40 million worth of bitcoins from Binance, the fourth largest cryptocurrency exchange in the world.
It is the fourth largest as per the trading volumes of the last 30 days. Hackers remarked that they were able to withdraw 7,000 bitcoins in one transaction.
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“We have discovered a large scale security breach today, May 7, 2019, at 17:15:24 (UTC). Hackers were able to obtain a large number of user API keys, 2FA codes, and potentially other info. 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,” Binance wrote on its website clarifying the security breach.
The 40 million dollar theft was well orchestrated and executed patiently with multiple accounts. The transaction was structured in a way that passed Binance’s existing security checks.