Binance said no user funds will be affected, and that it will use an emergency insurance fund to cover the losses in full.
Cryptocurrency thefts and investor scams increased more than 400 percent in 2018, totaling about $1.7 billion in losses, according to the cybersecurity firm CipherTrace. By Hamza Shaban Hamza Shaban Technology reporter Email Bio Follow May 8 at 12:42 PM In a single withdrawal, hackers siphoned $40 million in bitcoin from one of the largest cryptocurrency exchanges in the world.
Many people are drawn to bitcoin because they can make transactions anonymously. Though the trades are recorded in public transactions, individual account holders are not personally identifiable, a key reason the cryptocurrency is so appealing to criminals. Law enforcement agencies do have ways of tracking stolen bitcoin, however, including tying a person’s known IP address to their bitcoin transactions and tracing how hackers exchange large amounts of bitcoin into hard currency.
“It was unfortunate that we were not able to block this withdrawal before it was executed,” Binance said in a statement. “Once executed, the withdrawal triggered various alarms in our system. We stopped all withdrawals immediately after that.”Even cryptocurrency investors unscathed by hacks and scammers are still feeling the pain of a market that has dwindled in value.
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