Shulou(Shulou.com)05/31 Report--

In yesterday's "massive security breach," about 7000 bitcoins were illegally extracted from a widely used cryptocurrency exchange platform. Binance confirmed that hackers used attack techniques such as phishing and viruses to obtain a large number of user API keys, codes for two-factor authentication (2FA), and "possible other information."

They also acquired more than $40.6 million worth of bitcoins in a single transaction through the platform's popular wallet, including about 2 percent of their total bitcoin holdings.

Binnis CEO 'CZ' said: "The hackers had the patience to wait and execute carefully orchestrated operations through several seemingly independent accounts at the most appropriate time. "The structure of the transaction passed our existing security checks. Unfortunately, we cannot prevent this revocation before it is implemented. "Once executed, the revocation will trigger various alarms in our system. Then we immediately stop all cancellations. "

Binance will now undergo a thorough security review, including all parts of its systems and data, which is expected to take about a week to complete. During this period, deposits and withdrawals from the platform will continue to be suspended.

CZ also warned that hackers could still control certain user behavior to influence cryptocurrency price fluctuations. However, according to Jack Moore, a cybersecurity expert at ESET, Binance's announcement could have a devastating impact on cryptocurrencies in the longer term.

Moore said: "After the ups and downs of crypto in 2017, people have taken a cautious approach to digital currencies, so if people question the security of their financial position, it may greatly affect the volatility of the currency."

"It appears to all participants that this was a deliberate and targeted attack with an interception effect, so it goes without saying that everyone with a Binance account should change their API key and two-factor authentication method." Fortunately, those affected will be compensated, but who knows how long they will stay. "

This is another large-scale security event that affects cryptocurrency patterns. There have been several high-profile incidents over the past 12 months, but not necessarily from outside visits.

For example, QuadrigaCX, Canda's largest trading platform, lost $145 million worth of secret funds after its CEO died in February. A month later, however, when his "cold wallet" broke, investigators learned that they had been cleaned out months before his death.

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