BINANCE is one of the world’s biggest cryptocurrency exchanges I.e. an exchange for online currencies such as Bitcoin, Ethereum, Ripple etc. .  Hackers patiently built up information and hacked into the services and stole stole 7,000 bitcoin (about $40 million) — but also stole user security codes (two-factor authentication codes and API tokens) which can lead to further thefts.

Binance CEO Zhao Changpeng said “The hackers used a variety of techniques, including phishing, viruses and other attacks”.  “The hackers had the patience to wait, and execute well-orchestrated actions through multiple seemingly independent accounts at the most opportune time. The transaction was structured in a way that passed our existing security checks.”

Binance CEO Zhao Changpeng said “The hackers used a variety of techniques, including phishing, viruses and other attacks”.  “The hackers had the patience to wait, and execute well-orchestrated actions through multiple seemingly independent accounts at the most opportune time. The transaction was structured in a way that passed our existing security checks.”

The  hackers compromised multiple high-net-worth accounts, whose Bitcoin was kept in Binance’s hot wallet—which, unlike cold wallets, are connected to the internet. Anyone who keeps their Bitcoin in a Binance hot wallet should change that immediately.

The hackers got access to security codes for some users and that means they may still control certain user accounts and may use those to influence prices. Binance say they will monitor the situation closely.

Cyber currencies still seem a little like the Wild West and are taking a long time to become mainstream and become as safe as mainstream currency.

If you have any experiences with crypto-currencies do let me know, by email.