The attack managed to circumvent Binance's security checks, but after noticing the unusual activity, the exchange blocked all withdrawals.
"We've been working with other exchanges to block deposits from those hacked addresses".
Binance revealed that an alarm was triggered by its systems while the attack was underway but the company couldn't timely mitigate it.
Binance admins froze deposits and withdrawals immediately after and put the site in maintenance mode to investigate the big pile of money that left their platform. Likewise, individual user wallets were directly affected.
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In this photo illustration, a visual representation of the cryptocurrency bitcoin is displayed on April 3, in Paris. Last year, thieves stole $950 million worth of cryptocurrency from exchanges, often by gaining access to hot wallets-software that stores crypto assets but is connected to the internet. The hackers managed to obtain API keys, two-factor authentication codes and other information. A $40 million theft qualifies. "We will consider that very, very carefully, with the feedback we are receiving".
However, the exchange said it would replace the lost cash with the help of its emergency insurance fund. That alarmed several Twitter users, who sent a message to CEO Changpeng Zhao, wondering if the exchange had been hacked.
"The team is still deciding that, and we are running through the numbers and checking everything", he added. It was our responsibility to safeguard user funds.
Binance said that it will be conducting a thorough security review, which will include all parts of its sizable systems.
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Binance warned its account holders that it expected the review to take around a week, during which time withdrawals and deposits will remain suspended, although trading would continue to be possible. "We beg for your understanding in this hard situation", the cryptocurrency company said. We believe new to crypto investors will feel some level of "FOMO" [fear of missing out] when Bitcoin closes in around Dollars 10,000 as this is strong proof Bitcoin did not die.
"But we believe with withdrawals disabled, there isn't much incentive for hackers to influence markets", Binance said. The current price of a single bitcoin is $5,815.
"This shows how centralized Bitcoin, exchanges and all cryptocurrencies really are and how no cryptocurrency at the moment can now stop these potential issues from arising".
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