Hackers stole $40 million of bitcoin from one of the world's largest crypto-exchanges. The exchange said it would cover all losses.
Taiwan-based Binance discovered the security breach Tuesday and said it will cover all losses from its own funds.Binance, one of the largest cryptocurrency exchanges, announced a hack of $40 million worth of bitcoin. In a, the exchange"discovered a large scale security breach" on Tuesday.
"The hackers had the patience to wait, and execute well-orchestrated actions through multiple seemingly independent accounts at the most opportune time," Binance CEO Changpeng Zhao said in a statement on Wednesday."The transaction is structured in a way that passed our existing security checks." The hackers employed sophisticated techniques involved phishing and viruses and targeted the company's"hot wallet," where bitcoin holdings are connected to the internet, as opposed to"cold wallets," which are stored offline. The company's"hot wallet" holdings are less than 2% of the exchange's holdings.
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