Hackers steals $41M worth Bitcoins from Binance

Hackers stole 7000 bitcoins worth $41M from Binance cryptocurrency exchange which is one of the largest cryptocurrency exchange in the world. This heist affected about two percent of its total bitcoin holdings.

Hackers implemented various techniques to successfully pull the heist including phishing, viruses and other attacks and it is also one of the biggest cryptocurrency robberies happened this year. CEO of Binance Zhao Changpeng said that “users would not be affected because the company would use its secure asset fund to cover the loss”. The statement also revealed that all the other wallets of the company are safe and unharmed.

Binance has informed that ” all deposits and withdrawals from the exchange would remain suspended while the company conducts a thorough security check, which it estimates would take a week”.

After this heist, Bitcoin’s price dropped by as much as 4.2 percent in early Asian trading but it recovered some of the losses after some time.

Binance is also trying to talk with other exchanges to stop further use of these stolen bitcoins.

Last year bitcoins worth $950M were stolen all together in every robbery and heists across the globe where exchanges in South Korea and Japan accounted for 58% of thefts last year.