Cybercriminals have made off with Bitcoin valued at $41 million in a hack of cryptocurrency exchange Binance.
The hack took place on 7th May and saw hackers making off with 7 000 Bitcoin. The hackers transferred the ill-gotten gains from a Binance hot wallet to several smaller wallets in a single transaction, reports Coin Desk.
A report from Reuters suggests that the hackers used a variety of methods to infiltrate Binance including phishing, malware and other attacks.
The exchange said that user funds would not be affected as it would use its secure asset fund for users to cover the losses incurred.
Will Binance be able to get its 7 000 Bitcoin back? Unlikely.
The folks over at Coinfirm have been tracking the funds since news broke of the hack and already the hacker or hackers are shuffling the cryptocurrency between wallets.
The #Binance hacker just moved the funds again!
One holds 707 BTC the other 520 BTC
— Coinfirm (@Coinfirm_io) May 8, 2019
Binance has said that it will conducting a thorough security review of its systems which it expects will take a week.
During the review withdrawals and deposits will be suspended.
“We will continue to enable trading, so that you may adjust your positions if you wish. Please also understand that the hackers may still control certain user accounts and may use those to influence prices in the meantime. We will monitor the situation closely. But we believe with withdrawals disabled, there isn’t much incentive for hackers to influence markets,” Binance wrote in a blog post.[Image – CC 0 Pixabay]