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Cryptocurrencies

Over USD 40 mln worth of Bitcoin stolen from Binance

Wednesday 8 May 2019 | 02:15 PM CET

Hackers have stolen 7,000 Bitcoin, valued at over USD 40 million, from Binance, a large cryptocurrency exchange, the platform said.

To carry out the security breach the hackers used a variety of methods and managed to get some user information such as two-factor authentication codes, which are required to log in to a Binance account. However, the cryptocurrency exchange was able to trace the stolen Bitcoin to a single wallet, it said.

Binance said the theft occurred from the company's “hot wallet”, which accounts for about 2% of its total Bitcoin holdings. A wallet is a digital means of storing cryptocurrency. A “hot wallet” is one that is connected to the internet as opposed to a “cold” one which stores digital coins offline.

Binance said it would cover the incident “in full” and no user funds will be affected, according to MSN Money.

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