Hackers Steal Bitcoins Worth $41m

Hackers have stolen $41m (£31m) worth of Bitcoin in a major crypto-currency heist. The Binance exchange, which stores Bitcoin and other crypto-currencies for members, said hackers took 7,000 bitcoins in one go. Withdrawals have now been suspended on the platform.

"We beg for your understanding in this difficult situation," Binance said.

However, the exchange said it would replace the lost cash with the help of its emergency insurance fund. According to Binance, the attackers used a variety of techniques to break in. They deployed viruses and used phishing attacks to get security information. 

This eventually allowed them to access the exchange's "hot wallet", an online cache of bitcoins readily available for customer transactions.The hot wallet contained about 2% of Binance's total crypto-currency assets. Other wallets were "secure and unharmed", the firm said.

'Patient Hackers'

The hackers "had the patience to wait" and acquire access to a number of accounts before withdrawing the huge haul of bitcoins, according to Binance.

"It was unfortunate that we were not able to block this withdrawal before it was executed," the company's statement read.

"Once executed, the withdrawal triggered various alarms in our system.

"We stopped all withdrawals immediately after that."

Now, the ability to withdraw funds from the exchange has been disabled and may not be restored until next week.
In a live video chat, Binance's chief executive Changpeng Zhao sought to answer questions about the hack.

"I haven't really slept much for the last 29 hours," he said. "To be honest I don't feel that well… it's not a great day."

However, he told Binance users that he and his colleagues were working to secure the exchange and prevent any further hacks. He added that he was asking other exchanges to block bitcoins associated with the hacked wallet from being transferred elsewhere, which would render them largely useless.

While Binance is one of the largest crypto-currency exchanges, the heist is not the largest the Bitcoin world has seen since Mt. Gox was hacked to the tune of $470m in 2014.

BBC

You Might Also Read:

The Future Of Cash (£):

After A $65m Hack, Is Bitcoin Really Safe & Secure?:

 

« Cyber Threats And Nuclear Weapons Systems
Facebook Sues Rankwave For Data Misuse »

CyberSecurity Jobsite
Perimeter 81

Directory of Suppliers

MIRACL

MIRACL

MIRACL provides the world’s only single step Multi-Factor Authentication (MFA) which can replace passwords on 100% of mobiles, desktops or even Smart TVs.

Cyber Security Supplier Directory

Cyber Security Supplier Directory

Our Supplier Directory lists 6,000+ specialist cyber security service providers in 128 countries worldwide. IS YOUR ORGANISATION LISTED?

Clayden Law

Clayden Law

Clayden Law advise global businesses that buy and sell technology products and services. We are experts in information technology, data privacy and cybersecurity law.

Jooble

Jooble

Jooble is a job search aggregator operating in 71 countries worldwide. We simplify the job search process by displaying active job ads from major job boards and career sites across the internet.

The PC Support Group

The PC Support Group

A partnership with The PC Support Group delivers improved productivity, reduced costs and protects your business through exceptional IT, telecoms and cybersecurity services.

Team Cymru Research NFP

Team Cymru Research NFP

Team Cymru Research is a group of technologists passionate about making the Internet more secure and dedicated to that goal.

Seclore

Seclore

Seclore is the most advanced, secure, and automated Enterprise Digital Rights Management (EDRM) solution available.

Parasoft

Parasoft

Parasoft is an independent software testing and software quality assurance tool and solution vendor.

Foregenix

Foregenix

Foregenix are global specialists in Digital Forensics and information security including Penetration testing and Website Security.

K2 Integrity

K2 Integrity

K2 Integrity is a preeminent risk, compliance, investigations, and monitoring firm - built by industry leaders to safeguard our clients’ operations, reputations, and economic security.

Redjack

Redjack

Redjack is a cutting-edge network analytics company focused on enterprise and ISP security and intelligence solutions.

Ceerus

Ceerus

Ceerus was created to simplify the process of deploying and managing security across all the channels in an organisation.

Secucloud

Secucloud

Secucloud GmbH is a provider of high-availability cyber-security solutions, offering a cloud-based security-as-a-service platform, particularly for providers.

Webtotem

Webtotem

Webtotem's mission is to prevent the global epidemic of website infection and provide every website owner with basic security rights.

GlobalPass

GlobalPass

Covering 200+ countries with 78 000 databases, GlobalPass provides sophisticated facial biometrics verification and deep screening, delivering peace of mind to every client.

CyberRisk Alliance (CRA)

CyberRisk Alliance (CRA)

CyberRisk Alliance is a business intelligence company created to serve the rapidly evolving cybersecurity and information risk management marketplace.

Quantinuum

Quantinuum

Quantinuum is the combination of Cambridge Quantum with Honeywell Quantum Solutions, structured to drive the future of quantum computing.

A&O IT Group

A&O IT Group

A&O IT Group provide IT support and services including IT Managed Services, IT Project Services, IT Engineer Services and Cyber Security.

Prism Infosec

Prism Infosec

Prism Infosec is an award-winning independent cyber security consultancy, CREST STAR, NCSC CHECK member, CAA ASSURE audit provider and PCI Qualified Security Assessor.

Silent Quadrant

Silent Quadrant

Silent Quadrant delivers incomparable cybersecurity consulting, digital transformation, and risk management within our purpose-driven clients - empowering them to be the most resilient entities.

Quarkslab

Quarkslab

Quarkslab is a dedicated team of cyber-security engineers and developers. We aim at forcing the attackers, not the defender, to adapt constantly.