Over 7,000 Bitcoins Stolen in Latest Crypto Hacking

Binance has announced a "large scale" attack by hackers who have successfully stolen over $40 million worth of Bitcoins.


Leading cryptocurrency exchange Binance has announced a “large scale” attack by hackers who have successfully stolen over $40 million worth of Bitcoins. So far, around two percent of the company’s Bitcoin holdings have been reported as stolen.

The company has issued a statement which says that the theft was traced back to a single wallet. Binance has suspended deposits and withdrawals until the internal investigation is over. However, its users can continue trading cryptocurrencies on its exchange in the meantime.

According to latest updates, the company is seeking the help of other exchanges to block cryptocurrency deposits from hacked addresses. BTC/USD had been trading above $6,300, but this latest hacking news has sent it slightly lower to trade around $6,097 for now.

ABOUT THE AUTHOR See More
Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

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