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Binance hacked for over $40 mln, halts all withdrawals

May 08 2019
By Jonathan Smith

Hour after Binance, one of the biggest crypto currency exchanges, announced that it was hacked for over 40 million USD, the company is still not sure how extensive the breach is and whether hackers are not continuing to siphon coins out of its system, the Financial Times reports.

On Wednesday Binance CEO Changpeng Zhao asked customers for forgiveness in a YouTube video, admitting that they still do not know the number of customers affected.

“We need to make sure that we eradicate any trace of the hackers in all of our accounts, in all of our data. That is a very tedious process,” Changpeng said, quoted by FT.

At first Binance announced the theft of 7000 crypto coins in a single transaction, where hackers allegedly used viruses and phishing to breach the Binance “hot wallet”, where 2% of the exchanges's total assets are held.

“There may be additional affected accounts that have not been identified yet, but we are closely reviewing all parts of our systems and have not identified any further suspicious transactions or accounts”, Binance spokesman told Financial Times.

All withdrawals at Binance are suspended for “the next week or so”, according to the statement issued by the crypto exchange.

Binance also assured its customers that it will compensate all victims through an emergency fund. “We will cover all the funds ourselves, all the user funds are OK”, Changpeng said in the YouTube video.

TAGS: Binance hackers crypto exchange

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