Disclaimer: We may earn a commission if you make any purchase by clicking our links. Please see our detailed guide here.

Follow us on:

Google News
Whatsapp

How Binance, the world’s largest crypto exchange got hacked?

Moupiya Dutta
Moupiya Dutta
She finds it interesting to learn and analyze society. she keeps herself updated, emphasizing technology, social media, and science. She loves to pen down her thoughts, interested in music, art, and exploration around the globe.

Join the Opinion Leaders Network

Join the Techgenyz Opinion Leaders Network today and become part of a vibrant community of change-makers. Together, we can create a brighter future by shaping opinions, driving conversations, and transforming ideas into reality.

The biggest global cryptocurrency exchange in terms of trading has confirmed it lost about $40 million to hackers in a single transaction after its hot wallet, was breached. The company said it plans to use its Secure Asset Fund for Users (SAFU) to cover the damages so that no user funds will be affected.

A wallet is a digital means of storing cryptocurrency. A “hot wallet” is one that is connected to the internet as opposed to a “cold” one which stores digital coins offline. The hot wallet contained about two percent of Binance’s holdings and was robbed in a single transaction.

Binance is a statement said that they were aware the hackers were involved, though the company was “still concluding all possible methods used” and there may be “additional affected accounts that have not been identified yet.”

Binance said the hackers ran off with over 7,000 bitcoin and used a variety of attack methods to carry out the “large scale security breach” along with some useful information such as two-factor authentication codes, which are required to log in to a Binance account.

For now, deposits and withdrawals on Binance’s platform will remain suspended, but trading will be allowed. The company said that it would cover the incident “in full” and no users’ funds will be affected.

Join 10,000+ Fellow Readers

Get Techgenyz’s roundup delivered to your inbox curated with the most important for you that keeps you updated about the future tech, mobile, space, gaming, business and more.

Recomended

Partner With Us

Digital advertising offers a way for your business to reach out and make much-needed connections with your audience in a meaningful way. Advertising on Techgenyz will help you build brand awareness, increase website traffic, generate qualified leads, and grow your business.

Power Your Business

Solutions you need to super charge your business and drive growth

More from this topic