Binance Exchange was Victim of Well Orchestrated Hack

Cryptocurrency exchange Binance was victims of what the CEO called a well orchestrated large scale security breach; more than $40mn in bitcoin was stolen, the company said it has the funds to cover the loss even though it will certainly hurt; the company is suspending deposits and withdrawals for a week as they work on upgrades; the price of bitcoin was not affected by the hack as the digital currency has seen a resurgence in 2019; “Hacking risks are part of the business reality for crypto exchanges,” said Henri Arslanian, Global Crypto Leader at PwC, to the Wall Street Journal. “While crypto exchanges are becoming increasingly better prepared, hackers are becoming increasingly sophisticated as well.” Source.

  • Todd Anderson

    Todd is the host of PitchIt: the fintech startups podcast, a weekly interview show featuring emerging fintech founders and leading venture capitalists. He is responsible for leading the content team which covers fintech through daily & weekly email newsletters, editorial, virtual events, and in-person conferences. He has been covering fintech, banking, and venture capital for more than 15 years, including speaking regularly at industry events.