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ARTICLE · 31 MAY 2019

Hackers Steal Bitcoin From Global Cryptocurrency Exchange

Hogan Lovells Cadwalader
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Binance, a global cryptocurrency exchange, reported a security breach on May 7, 2019, in which hackers seized over 7,000 bitcoin (approximately $41 million) in a single transaction.

United StatesTechnology
Hogan Lovells Cadwalader
Hogan Lovells Cadwalader
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Binance, a global cryptocurrency exchange, reported a security breach on May 7, 2019, in which hackers seized over 7,000 bitcoin (approximately $41 million) in a single transaction.

Binance stated that hackers obtained user information using phishing, viruses and other attacks. According to Binance, the hackers designed the single fraudulent transaction to avoid triggering its security checks. However, once the transaction was executed, Binance's security system was triggered and all withdrawals were immediately suspended.

Binance informed customers it is conducting a thorough security review that will take approximately one week. During the security review, all deposits and withdrawals will be suspended, but trading will be enabled.

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