Criminals steal 7,000 bitcoin from crypto exchange Binance

Criminals have broken into accounts on cryptocurrency exchange Binance and looted 7,000 bitcoins. These currently represent a value of around 37 million euros. Customers will be reimbursed for the damage.

The cryptocurrency exchange says hackers have stolen API keys, 2fa codes and potentially other information. They would have used various techniques, including phishing, viruses and ‘other attacks’. Binance says it is still investigating what exactly happened and warns that the criminals may still have access to certain accounts. That is why it is not possible for the time being to deposit or withdraw bitcoin.

Binance says it is taking a detailed look at its security measures and expects to be ready in a week. After that, it should become possible again to deposit or withdraw bitcoin. In the meantime, customers can continue to trade with the bitcoin they have in their wallets.

With the help of the stolen data, the criminals managed to lock away 7000 bitcoins. It was one transaction. According to Binance, the stolen cryptocurrency comes from the company’s hot wallet, which holds about 2 percent of all bitcoin held by the exchange. All other wallets are not at risk, according to Binance.

After the criminals struck, alarm bells went off and Binance was able to prevent further transactions. Binance uses its own Secure Asset fund to cover the damage and users will not notice the theft, the cryptocurrency exchange assures.