Hackers stole $40 million worth of bitcoin from Binance, one of the world’s largest cryptocurrency exchanges based in Taiwan.
However, this is the first time this has happened on the Binance network. It is difficult to understand how a network with such a strong reputation could have let down its users.
According to the Binance team, the hackers were able to steal 7,000 bitcoins, worth $40 million. According to the inquiry, the hackers used phishing and malware, among other ways. Also, Binance called this a “large-scale security compromise.”
At the time of the burglary, all withdrawal and deposit transactions suspend. It was lucky enough for the network that the company had prepared for unwanted incidents such as this. Customers who lost their crypto coins receive access to the Binance network’s emergency insurance fund.
Despite the developers’ description of their cryptocurrency networks as highly secured and impenetrable. Bitcoin and other cryptocurrencies are very much likely to be the apple of the eye of hackers. On very good example is the case of Mt. Gox lost $460 million evidently to hackers that led to the network’s shutdown. Over the years, based on the report by Wall Street Journal, there’s over $1.7 billion of cryptocurrency stolen.
Asian exchanges reported the most hacking and theft
Most of the reports of hacking and stealing were from exchanges centered in Asia. Hence, these crypto network failures may serve as a reminder to the public that crypto investments aren’t as safe as expected.
The bitcoin exchange is hackable for two reasons: its technology and how the network’s system exchanges and keeps.
The issue is that anyone with keys matching the bitcoins in an address can access and transact in the blockchain. Users with their own bitcoin keys guarantee a safe account. Therefore, it is now the responsibility of the transacting organization or network to maintain bitcoin keys safe through its cybersecurity procedures.
Thus, if a hacker obtains your keys or codes from a storage facility, they can use, manage, and recode your currency.
