Breaking News - Binance was Hacked for 7000 BTC but No Users will be Affected
hack·@culgin·
0.000 HBDBreaking News - Binance was Hacked for 7000 BTC but No Users will be Affected
Short post. Just saw this [official statement from CZ, Binance CEO](https://binance.zendesk.com/hc/en-us/articles/360028031711), that Binance was hacked. The hackers were able to withdraw 7000 BTC from Binance hot wallet but no further damage was dealt so far.  Binance CEO, CZ said, > Hackers were able to obtain a large number of user API keys, 2FA codes, and potentially other info. The hackers used a variety of techniques, including phishing, viruses and other attacks. > Binance will use the #SAFU fund to cover this incident in full. No user funds will be affected. The fund withdrawal can be seen in this transaction, [https://www.blockchain.com/btc/tx/e8b406091959700dbffcff30a60b190133721e5c39e89bb5fe23c5a554ab05ea](https://www.blockchain.com/btc/tx/e8b406091959700dbffcff30a60b190133721e5c39e89bb5fe23c5a554ab05ea) Given how much trading volume Binanace is processing, I am expecting to see a slight dump in the market following this piece of news. It is reassuring to know that the #safu fund is able to cover the lost funds thus far, but we still have to wait for Binance to complete their investigation and security review to know the full impact. The event is still developing and I will try to update this post when new announcements are made. You can also follow [CZ's Twitter](https://twitter.com/cz_binance) for updates. [Update 11:30am SGT] - CZ reiterates that there are enough funds to cover the losses due to the hack. - The crypto community all express willingness to support Binance in terms of fundings if required. Notably, Justin Sun from TRON said on Twitter that he is personally going to deposit $40million USDT if required. - Coinbase says they will block hackers' addresses from depositing [Update 1:50pm SGT] - Binance tinkered with the idea of forking or reorganizing the BTC network but dropped the idea soon after --- This article is created on the Steem blockchain. Check this series of posts to learn more about it and start writing on an immutable and censorship-resistant content platform: - [What is Steem? - My Interpretation](https://steempeak.com/steem/@culgin/what-is-steem-my-interpretation) - [Steem Thoughts - Traditional Apps vs Steem Apps](https://steempeak.com/steem/@culgin/steem-thoughts---traditional-apps-vs-steem-apps) - [Steem Thoughts - A Fat or Thin Protocol?](https://steempeak.com/@culgin/steem-thoughts---is-steem-a-fat-protocol-or-a-thin-protocol) - [Steem Thoughts - There is Inequitable Value Between Users and Apps](https://steempeak.com/@culgin/steem-thoughts---inequitable-value-between-users-and-apps)
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