Binance Hacked - 7,000 Bitcoin Lost, The Exchange Will Cover The Loss
According to an announcement posted on binance.com site, the largest crypto exchange by volume was hacked yesterday. It's not yet clear how, as Binance CEO writes in the aforementioned post that
"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."
During the hack, a large Bitcoin transaction was affected, and 7,000 Bitcoin, worth over $40 million at press time are now under hacker's control.
For now, all withdrawals and deposits are stopped, but you can still trade.
Binance will use the SAFU fund to cover this incident in full. No user funds will be affected.
If you don't know what SAFU is, this quote from binance.vision site may help:
SAFU, the Secure Asset Fund for Users is an emergency insurance fund. On the 3rd of July, 2018, Binance announced the Secure Asset Fund for Users.
To protect the future interests of all users, Binance will create a Secure Asset Fund for Users (SAFU). Starting from 2018/07/14, we will allocate 10% of all trading fees received into SAFU to offer protection to our users and their funds in extreme cases. This fund will be stored in a separate cold wallet.
Stay safe!
I'm a serial entrepreneur, blogger and ultrarunner. You can find me mainly on my blog at Dragos Roua where I write about productivity, business, relationships and running. Here on Steemit you may stay updated by following me @dragosroua.
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@dragosroua,
Ops 7000 BTC, I wish @ned did not sent all STEEM to Binance!
Cheers~
That is the power of hacking. This hacker needs to be punished if caught
Oh, this is a great amount, but nothing is created and not penetrated
Good thing was that they are ready for thing like this with safu fund what they say but still a huge setback
SAFU!
It feels like insider job to mop off SAFU, I may be wrong tho.
These centralised exchanges are always risky. I have trusted binance and left my fund there. But from now I always secure my fund first in wallet.
The SAFU was set up for potential incidents as this. Well done to Binance on how they handled this case. Yes it’s annoying these hacks but putting it in perspective, some past hacks on other exchanges stole 500-850k BTC and users were NOT covered but out of pocket instead. So again well done to Binance on how they’re handling the situation.
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