7,000 Bitcoin, now valued at some $42 million, were stolen in what is being called one of the most high-profile and largest hacks in recent times. Furthermore, the attack is said to have been orchestrated using an array of strategies which managed to steal the user information of several members as well as their login authentication codes. They used techniques like "phishing, viruses, and other attacks", the company wrote. Binance said it was able to trace the stolen bitcoin to a single wallet. Once executed, the withdrawal triggered various alarms in our system. "Deposits and withdrawals will need to remain suspended during this period of time".
"Users frown upon centralized networks and exchanges, but have recently applauded multiple platforms for the delisting of Bitcoin SV and now with the possibility of a reorg mentioned by CZ".
An effort to make life hard for the hackers nevertheless continues, with Zhao thanking businesses for identifying and blocking the affected funds as they move.
"We beg for your understanding in this hard situation", Binance said. "All of our other wallets are secure and unharmed", said CEO Changpeng Zhao.
"We stopped all withdrawals immediately after that", Zhao said.
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In a sophisticated attack that involved the coordination of multiple accounts and the unique structuring of transactions, hackers were able to evade the security checks set in place by the exchange.
The company will hold all withdrawals or deposits until they have confidently secured the exchange.
Theft remains a major problem for the emerging cryptocurrency sector, with high profile hacks alarming regulators and raising questions for larger investors over whether digital coins can be safely stored and traded.
If you have or had your bitcoin on Binance, are you now out of pocket?
Bitcoin's price dropped roughly four per cent after the news broke, but given the overall volatility of the cryptocurrency market, it's hard to link the drop to the cyberattack.
Although it remains unclear as to whether or not $6,000 will be an easy level to decisively break above, it is important to note that the low-$6,000 region is where BTC traded sideways at for almost two months before breaking down in mid-November to lows of $3,200.