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Hackers Stole $41M of Bitcoin on One of World's Largest Crypto Exchanges
https://www.foxbusiness.com/features/hackers-stole-41-million-bitcoin-worlds-largest-crypto-exchange
Binance, one of the world's biggest cryptocurrency exchanges, announced it has been a victim of a massive security breach.
The exchange said late Tuesday that hackers have run off with over 7,000 bitcoin worth an estimated $41 million after they used a "variety of techniques, including phishing and viruses," to tab into its systems.
Bitcoin Stolen in Binance Hack Moved to Seven Addresses
Submitted via IRC for AnonymousLuser
Bitcoin Stolen in Binance Hack Moved to Seven Addresses
Proceedings from yesterday’s hack of cryptocurrency exchangeBinance have been moved to seven addresses, crypto news outlet The Block reports on May 9.
The breach resulted in about 7,074 bitcoins (BTC) — worth nearly $42.8 million at press time — being stolen from the exchange’s hot wallet. The transaction had 44 outputs, 21 of which were native Segregated Witness addresses, and those addresses received 99.97% of the funds.
According to The Block, the funds from those 44 addresses have been reportedly since moved to seven addresses, six of which hold 1,060.6 BTC, while one holds 707.1 BTC. Previously, anti-money laundering and counter-terrorist financing firm Confirm had reported that its analysis showed how 1,227 BTC were moved to two new addresses, one holding 707 coins, while the other one 520.
Binance CEO Changpeng Zhaodevoted his live AMA on Twitter yesterday to address community concerns in the wake of the hack, also discussing the idea of a Bitcoin chain reorganization.
As Cointelegraph reported yesterday, eight people have been arrested in Spain for allegedly operating a money laundering scheme involving cryptocurrencies.
Earlier this week, famous American economist and Nobel Prize winner Joseph Stiglitz reiterated his negative stance on cryptocurrencies, stating that he thinks “we should shut down the cryptocurrencies.”
(Score: 0) by Anonymous Coward on Saturday May 11 2019, @02:54PM (4 children)
I don't use it but I do recognize that is has value as long as it can eventually be exchanged for cash. Once governments clamp down on those providing exchange services the usefulness of cryptocurrency will decline rapidly.
If Satoshi was one person, and If Satoshi is still alive. Without the key to the wallet those billions are just as useful as the word of a politician.
(Score: 0) by Anonymous Coward on Saturday May 11 2019, @04:27PM (1 child)
(Score: 2) by epitaxial on Sunday May 12 2019, @08:40PM
Of course you can't cash them out it would kill the market. Same thing happens if Elon Musk or Jeff Bezos starts dumping stocks. The market would tank.
(Score: 1, Insightful) by Anonymous Coward on Saturday May 11 2019, @08:17PM (1 child)
"Once governments clamp down on those providing exchange services the usefulness of cryptocurrency will decline rapidly."
i'm sorry pal, but you're talking out of your proverbial ass. decentralized exchanges already exist and will get better. we will be able to exchange privacy coins without some parasite lording over us.
(Score: 2) by JNCF on Sunday May 12 2019, @07:16AM
This. And as long as there are darknet markets, we'll be able to cash them out for fiat. That doesn't mean that they wouldn't take a huge hit if Coinbase and friends got cracked down on.