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World’s largest cryptocurrency exchange Binance hacked for over $40 million in Bitcoins

Hackers have stolen over 7,000 Bitcoins from Binance, the world’s largest cryptocurrency exchange by trade volume, as reported by TNW.

CEO Binance, Changpeng Zhao in a support article on the official website wrote that a “large scale security breach” was discovered earlier on May 7. In this security breach, hackers were able to access user API keys, two-factor authentication codes and “potentially other info”, that Zhao has not disclosed until now.

Consequently, hackers were able to withdraw roughly $40.7 million in bitcoin from the exchange, according to a transaction published in the security notice. Currently, the exchange’s team is also unaware that how many accounts have been affected, though it claims that users’ funds will remain safe as the company plans to reimburse accounts affected by this breach.

The disclosure of breach comes hours after Zhao tweeted that the exchange was undertaking “some unscheduled server maintenance,” writing that “funds are #safu.” After the disclosure announcement, Zhao tweeted that the exchange would “provide a more detailed update shortly.”

The CEO of crypto exchange claims the malicious actors used a number of techniques including phishing and malware to carry out the hack. The security breach easily tackled to circumvent Binance‘s security checks, but when the company’s security team noticed this strange activity, the exchange blocked all withdrawals.

What we know so far, withdrawals are likely going to remain blocked until next week. In the meantime, Binance will carry out a security check and will also use its SAFU (Secure Asset Fund for Users) emergency insurance fund, to reimburse accounts affected by this breach.

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