The world’s biggest exchange Binance has been hacked. A total of 7000 Bitcoin (or 2% of their total bitcoin holding) was stolen. The news was announced by their CEO CZ on Twitter and also on a support page on Binance’s blog.
Not the best of days, but we will stay transparent. Thank you for your support!https://t.co/Y1CQOatEpi
— CZ Binance (@cz_binance) May 7, 2019
A large scale security breach took place on 7th May 2019 at 17:15:24 (UTC). Hackers were able to obtain a large number of API keys and 2FA through various methods including Virus and phishing. A total of 7000 BTC was stolen.
Users Funds not Affected
Binance’s CEO, CZ, announced on Twitter that the user’s funds weren’t being affected. Binance would be replacing all the affected user’s fund from the SAFU fund. This news was well received by the cryptocurrency community and due to this the price of Bitcoin remained stable.
Binance had insured all of their Bitcoin’s with the SAFU funds. Secure Asset Fund for Users or SAFU fund is a special fund created by Binance to be used in case of an emergency. The 10% of all trading fee on Binance is kept in the fund to be used in case of an emergency.
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