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Another Major Crypto Exchange Breach Reminds Us Nothing Is Unhackable

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Another Major Crypto Exchange Breach Reminds Us Nothing Is Unhackable

No. Thing.

· Security Zone ·
Free Resource

Frustrated over blockchain breach

Binance, one of the world’s largest cryptocurrency exchanges, has reportedly lost around $40 million dollars worth of Bitcoin to hackers.

“Hackers were able to obtain a large number of user API keys, 2FA codes, and potentially other info,” said CEO Zhao Changpeng in a press release. “The hackers used a variety of techniques, including phishing, viruses and other attacks. We are still concluding all possible methods used. There may also be additional affected accounts that have not been identified yet.”

Just last December, CCN reported that the exchange “has placed heavy emphasis on security and investor protection. To this date, [it] remains in a prestigious group of exchanges alongside Coinbase and a handful of other exchanges of not suffering a single hacking attack or a security breach since its inception.”

Well, not anymore.

“The hackers had the patience to wait, and execute well-orchestrated actions through multiple seemingly independent accounts at the most opportune time,” Changpeng continued.

Because of course they did. 

While this latest attack doesn't seem to have targeted the underlying blockchain technology, as we saw with Ethereum Classic earlier this year, it's still a sad reminder that blockchain is ultimately only as secure as its trading network.

(Blockchain probably won't take this news well, though.)

Topics:
blockchain ,security ,cryptocurrency ,exchange ,bitcoin ,hackers

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