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Crypto exchange Binance hacked, over $40 million in bitcoin stolen

By midian182 · 21 replies
May 8, 2019
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  1. The company announced that the breach was detected on May 7 at 12:15 p.m. EDT. In addition to stealing bitcoins, the hackers made off with a large number of user API keys, 2FA codes, and “potentially other info.”

    Binance wrote that the hackers withdrew around $41 million worth of bitcoin in a single transaction that affected its hot wallet, which contained around 2 percent of the firm’s total bitcoin holdings. “All of our other wallets are secure and unharmed,” said CEO Changpeng Zhao.

    The attackers used several techniques to carry out the heist, including phishing and viruses.

    “The hackers had the patience to wait and execute well-orchestrated actions through multiple seemingly independent accounts at the most opportune time,” Zhao wrote. “The transaction is structured in a way that passed our existing security checks. Once executed, the withdrawal triggered various alarms in our system. We stopped all withdrawals immediately after that.”

    Zhao warned that as the attackers were able to steal some user information, they "may still control certain user accounts and may use those to influence prices."

    While the company investigates the breach, all deposits and withdrawals will remain suspended, but trading will not be affected. This suspension will last about one week to “make sure we completely eradicate any trace of hackers in all our accounts and data and that is a pretty tedious process,” said Zhao.

    Worried customers will be pleased to hear that the stolen bitcoins are covered by Binance’s Secure Asset Fund for Users, an emergency insurance fund set aside for such incidents. It’s still not known how many users were affected by the breach.

    Permalink to story.

     
  2. QuantumPhysics

    QuantumPhysics TS Guru Posts: 977   +701

    People still pay into Bitcoin?

    Fools and their money huh?
     
    Dimitrios likes this.
  3. rrwards

    rrwards TS Enthusiast Posts: 36   +56

    I see your point, but to clarify, it's not so much as "paying into" something as it's thinking an asset will be worth something later and investing into it. You're not buying into a company like a stock, you're buying an item, regardless of it being physically tangible or not. Just like you or I might thing it's silly to buy a bunch of baseball cards, Beanie Babies, gold, or foreign currency to sell in 20 years, it's still an asset investment like Bitcoin.
     
    gusticles41 and Wessell Urdata like this.
  4. H3llion

    H3llion TechSpot Paladin Posts: 1,666   +424

    Late to the moon train are we? I sense saltiness.
     
    yRaz likes this.
  5. fps4ever

    fps4ever TS Guru Posts: 283   +267

    Another day, another hack..."yawn".
     
    Dimitrios likes this.
  6. Dimitrios

    Dimitrios TS Guru Posts: 385   +261

    Good, it's just Monopoly money. I can't pay bills or buy anything with crapcoin and I live in CT, USA.
     
  7. Karlos95

    Karlos95 TS Enthusiast Posts: 23   +6

    When FIAT collapses good luck.
     
  8. Karlos95

    Karlos95 TS Enthusiast Posts: 23   +6

    The point is it is becoming the norm whether you like it or not. People are fed up with gov control, stupid taxes and banks making our dollars (that we worked for) valued less and less everyday.
     
  9. Karlos95

    Karlos95 TS Enthusiast Posts: 23   +6

    Other cities are taking bill payments via cryptocurrency, sorry your city is behind the 8-ball.
     
  10. fps4ever

    fps4ever TS Guru Posts: 283   +267

    LOL good luck with that dependable power grid and worldwide Internet infrastructure if that happens. You true believers never really think that out do you. If SHTF trading will be with food and or goods like weapons.
     
  11. Dimitrios

    Dimitrios TS Guru Posts: 385   +261

    I call bull on you. Prove to me in CT or other states where I can use it for gas and bills?

    If I go to my local gas station, call up my cable company, ask my doctor, go food shopping how will that work out buddy???? Will they accept Fakecoin? Can I buy a house or new truck with it?

    Do you like apples?
    Checkmate.....................
     
  12. Karlos95

    Karlos95 TS Enthusiast Posts: 23   +6

    As appose to all the networks and the banks and govs use? terrible argument. It is capable, the gov keep it all suppressed to max profits.
    But if s really does htf then you are right, currency won't mean anything. It'll be all about surviving.
     
  13. Karlos95

    Karlos95 TS Enthusiast Posts: 23   +6

    I am assuming you are american but here in Australia (we are far behind the 8-ball with internet and other cool things like MJ, so it is surprising you can here) yeah, you can buy things at the local service station with bitcoin, someone has bought a house here with bitcoin and Lamborghini have taken bitcoin as payment also a utility company has started accepting bitcoin. It's all about adaptation. If you can't see that it is getting accepted as a currency every day then you my friend are living under a big old rock.

    Sorry you said checkmate? You just put yourself into checkmate. Thanks for coming.
     
  14. fps4ever

    fps4ever TS Guru Posts: 283   +267

    "Terrible argument", then you say I am right? What does profits have to do with any argument? Whatever currency is used someone is going to profit off of it. In the first place cryptocurrency is not used as a large scale fiat currency, that failed miserably. At best it should be treated like a volatile investment. And guess what, the only thing that makes a cryptocurrency worthwhile is if you can convert it back to a fiat currency in today's world. And if the country/world economies collapse you are SOL. The whole premise of a true believer is that an entire country or the world economies have to collapse into chaos for you to "win". Do you realize how stupid that sounds, especially in another negative crypto thread.

    PS: For as many places accepting cryptocurrency now there are two out there dropping that experiment. It's too volatile to use as a fiat currency long term. But you do you...
     
  15. Karlos95

    Karlos95 TS Enthusiast Posts: 23   +6


    I didn't say you were right. It is volatile now because people are still unsure. Once it becomes the norm, no more volatile activity and you can store it like GOLD. And when it comes nonvolatile, guess what, people will opt for that because like GOLD it doesn't inflate like FIAT. Guess what, everyday the dollar you worked for yesterday becomes less valuable tomorrow.

    That is NOT what I said, if you read in a logical matter you'd understand. I said you were right with the SHTF. No currency would matter. But if things continue the way they are then yes. Bitcoin will take over (or another crypto) as main currency as it doesnt lose value like the FIAT does.

    P.S. regarding your statement to businesses opting out. I find that unbelievable considering it's a good investment and if they did want it for everyday items then they can convert it back to FIAT so opting out would just lose a payment method and potential crypto customers.

    LOL I can't believe you think it is still invaluable. That's why hackers are spending months maybe years to crack the security of EXCHANGES (not wallets, because they can't be hacked, which is safer than your bank account) to get an obscene amount of bitcoins.
     
  16. fps4ever

    fps4ever TS Guru Posts: 283   +267

    I never said crypto was invaluable. It has made people money. It's also lost a lot of money, what is your point? The underlying technology is sound but cryptocurrency in it's common form will not last. It's easy to search Google who is opting out of crypto now. Don't care if you believe it or not, that is reality. Also, I've never heard of anyone getting their bank accounts wiped out like that? And no it will not take over for fiat currency's. That is a pure fantasy just like it won't lose value. As far as the dollar value or any fiat works read up on inflation as well. Nothing retains a constant value, that's not how economies work. I'd explain it to you but that is above your pay grade.
     
    Last edited: May 10, 2019
  17. Karlos95

    Karlos95 TS Enthusiast Posts: 23   +6

    So an economy that constantly loses value is good? Well goodluck with that. I give it 20 years before fiat collapses, pollies are corrupt and banks are corrupt, the only way out is gold and cryptocurrencies
     
  18. fps4ever

    fps4ever TS Guru Posts: 283   +267

    What economy is constantly losing value? What the hell are you talking about?
     
  19. Karlos95

    Karlos95 TS Enthusiast Posts: 23   +6

    Yes because trillions of dollars (always growing)in debt is great value
     
  20. Markoni35

    Markoni35 TS Enthusiast Posts: 73   +35

    Doesn't like like FIAT will collapse anytime soon. In fact, crypto is constantly showing how unstable and unreliable it is. Who would want to keep their savings in currency which can lose 99% of its value in just a few days? Sounds like hyperinflation nightmare, which normally only happens in worst of the worst countries.
     
    Last edited: May 10, 2019
  21. fps4ever

    fps4ever TS Guru Posts: 283   +267

    Debt is not the same thing as "value" of the dollar. Try looking at the TRUSTGO scenario to fix the debt. That is just one of the options. It is fixable. Again your 20 year magic crypto only works if everything (fiat) collapses AND you have a stable electrical grid and Internet backbone after that. That pretty much means your idea of digital currency only works with a stable country backed by a fiat system. You are literally dumbing things down so much I think I'm done replying.
     
  22. Karlos95

    Karlos95 TS Enthusiast Posts: 23   +6

    Wrong, it has never lost 99% in a few days, stop spreading false information.

    If you look at a graph (which you won't since you just believe what others say without doing your own research) Bitcoin is still going up in value where as every fiat currency in the world is losing value. It has lost 90% over lets say 2 years but guess what, it's already recovering.

    With the total debt in the world the only winners will be GOLD and Cryptocurrency.
     

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