Share All sharing options for: If bitcoin is so safe, why does it keep getting hacked? If bitcoin is so safe, why does it keep getting hacked? Here’s why it keeps happening. Binance, which is based in Taiwan, announced on Tuesday that hackers were able to withdraw about 7,000 bitcoin through a single transaction, amounting to $40 million. According to a statement from Binance, hackers obtained user API keys, two-factor xrpbusd.com authentication codes, and other information to execute their plan and withdraw 7,000 bitcoin in a single transaction. While it's not clear if the leaked documents have been stolen from Binance, one of its partners or another source altogether, Binance is now under pressure to identify the individual behind the blackmail attempt -- particularly as it was the subject of a $40 million security breach earlier this year. According to Yahoo Finance UK, some 400 images of people holding passports and official documents have been shared. Cryptocurrency exchange Binance is being blackmailed by hackers that claim to have access to customer passport and identity documents. MetaMask has long been the go-to passport for accessing the sprawling Ethereum landscape. Thanks to Binance’s already established name in the industry, BNB has managed to become the third-most-popular crypto token in the world, after only Bitcoin and Ethereum.
It’s hardly the first time crypto has been targeted by thieves. Many of the smaller projects in the crypto space - and a few of the largest ones - raised money from private investors around the world in the crypto equivalent of a crowdfunding campaign. Hackers just stole $40 million worth of bitcoin from Binance, one of the largest cryptocurrency exchanges in the world. However, Binance said in its statement that there are "inconsistencies" when comparing this data to the data in its system, and at the present time, "no evidence has been supplied that indicates any KYC images have been obtained from Binance," largely because the images do not contain the digital watermark imprinted by its system. The company did note, though, that the images appear to be from February 2018, a time when Binance outsourced its KYC verification processes to a third-party vendor. Alleged images of customer passports have begun circulating online. Some of the KYC data -- which is photographic "know your customer" data -- has begun circulating online after Binance refused to pay the 300 BTC, equivalent to around $3.5 million.
On-list, Russell O’Connor restated a previous concern of his about CTV pulling data off the stack in an abnormal order for Bitcoin Script. For example, in March 2018, criminals managed to use phishing to hack into the accounts of numerous users, whose funds were inexplicably sold off in order to purchase the Viacoin (VIA) cryptocurrency. And in 2018, hackers stole $500 million in digital tokens from exchange Coincheck. Once you’re ready to purchase, log in to your exchange account and navigate to the trading page of the website. Twenty-four hour trading volume on Binance was $6.9 billion according to analytics site CoinMarketCap, more than eight times the next-largest venue, Coinbase. According to the Wall Street Journal, more than $1.7 billion in cryptocurrency has been stolen over the years, most of which has come from exchanges and been centered around Asia. The Binance heist, like the previous exchange hacks, should serve as a warning to cryptocurrency investors: Your money might not be as safe as you think it is. So, we can predict that these corporations are going to be quite interesting for cryptocurrency investors and users. In this case, we create a transaction with two outputs: 3 BTC going to the merchant address, and 1 BTC in ‘change’ going to a change address.
It’s always been quite unclear how much priority we should assign to that, because now that we have a protocol that everyone’s implemented and works, when is it going to be worth changing?
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