Binance, one of the largest cryptocurrency exchanges in the world, announced on May 8th (UTC) that a “large scale security breach” was detected in their cybersecurity system at 17:15:24 May 7th 2019 (UTC).submitted by Beosin123 to u/Beosin123 [link] [comments]
It’s said that about 7,000 bitcoin amounting to $40 million were withdrawn by hackers through a single transaction. Hackers employed various methods, including phishing and viruses, to obtain user API keys, two-factor authentication codes, and other information and to finally “execute well-orchestrated actions”.
As a pioneering and professional enterprise dedicated to building a better blockchain ecomodel, We, Beosin(Chengdu Lian’An Technology Co., Ltd.), takes quick action at the first time organizing our technicians to make in-depth analysis. Here’s the breakdown.
- Transaction details
As is shown in the above screenshot, the attack occurred at block height 575013.
The picture below shows the addresses where hackers were withdrawing BTC, with the yellow-marked parts being the major ones.
By 14:30 May 8th (GMT+8), a total number of 7074 BTC have been stolen from Binance’s hot wallet which remained a sum of 3,612.69114593 BTC after the suffering, indicating its security of secret keys.
Hackers carried out withdrawal operations by API synchronously at 01:17:18 May 8th (GMT+8).
Once a user applied Binance exchange API, API key and secret key would be correspondingly generated. See the illustration below.
API offers users with IP-restriction-relief option as well as open-withdrawal option, from which open withdrawal means withdrawing tokens directly by using API key and secret key, without the need for SMS verification code and Google verification code. See the illustration below.
The screenshot below shows part of the demo codes for API Call given by Binance.
By our first-step analysis, we think that the data breaches led to this attack. More specifically, it’s because that the users’ API keys and secret keys are obtained by and exposed to hackers.
In the case that a user enables IP-restriction-relief and open-withdrawal function, attackers are able to obtain user’s API key and secret key information and then implement heist.
We list 4 possible cases in which a Binance user might leak his/her info:
We highly suggest that both users and Cryptocurrency exchanges pay extra attention on information protection. Especially, when using advanced functions, strengthen the awareness of security to avoid any latent loss resulting from data breaches.
In all they took 7,070 BTC, worth $42.1 million at press time. That was about 2% of Binance’s total Bitcoin holdings, he added. The theft came in a single transaction. This isn’t good: The Binance hack as seen on Blockchain.com. The lost funds will be covered by Binance’s Secure Asset Fund for Users (SAFU) which is funded with 10% of the trading fees Binance charges. That was set up on ... Binance, one of the world’s biggest exchanges, said on Wednesday that hackers had stolen around 7,000 bitcoin through phishing and viruses, the latest in a string of cryptocurrency thefts to hit ... Losing around $60 million in cryptocurrencies including Bitcoin, Bitcoin Cash, and MonaCoin, Zaif was the second major Japanese exchange to lose funds after Coincheck earlier in 2018. This lead to Japan’s FSA to carry out an investigation of the incident. Binance Hack. Binance is most popular exchange in 2019 and on 7th May 2019, Binance was hacked to lose about 7000 Bitcoin. This was worth about $40 million at the time of the hack. However, the team announced that they will cover all the lost funds from their funds and no user will be impacted from this hack. “We have discovered a large scale security breach today, May 7, 2019 at 17:15:24 ... The asset list on Binance.com is extensive. Each listed cryptocurrency is paired against Bitcoin or Ethereum. Trading on Binance exchange website is done in two ways. 1. For traders who only wish to buy tokens for a long-term by a “buy and hold” strategy the Basic Trading tab is used. Assets listed here are purchased in pairings against BTC, ETH, USDT or BNB. 2. Advanced trading is ... Hackers who stole bitcoin worth over $40 million from the major Binance cryptocurrency exchange have moved the tainted coins to a number of digital wallets, researchers said on Thursday, potentially throwing up clues to those behind the heist.. Binance, one of the world's biggest exchanges, said on Wednesday that hackers had stolen around 7,000 bitcoin through phishing and viruses, the latest ... The news of the Binance hack left the cryptocurrency industry rattled. Although, it turns out that a massive $40 million’s worth of BTC doesn’t even register this heist among the worst. Check out the five biggest exchange hacks in crypto history. The 5 Biggest Exchange Hacks in Crypto. As you can see from the above image, the Binance hack comes in a measly sixth place. There’s no doubt ... The Binance exchange, which stores Bitcoin and other crypto-currencies for members, said hackers took 7,000 bitcoins in one go. Withdrawals have now been suspended on the platform. The critical flaw here was that CoinCheck relied on a single hot wallet to store the token – a major faux ... ($72m) stolen, the Bitfinex hack earns its place as one of the most gainful exchange heists. In its wake, the Bitcoin price plunged by 20%. Worth noting is that Bitfinex appeared to avoid some of the pitfalls seen in earlier entries on this list – for instance, it implemented a ... The Binance attack is just another in a never-ending security breach waiting to happen and the moral of the story is always the same. Don’t keep your funds on an exchange. If you do, you’re putting your cryptocurrency at risk. The post Top 5 Biggest Crypto Exchange Heists in History appeared first on Bitcoinist.com.
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