ECONOMY

Hackers steal $41 mln worth of bitcoin from cryptocurrency exchange

The 7,000 bitcoin were withdrawn by hackers using a variety of techniques, “including phishing, viruses and other attacks”. (Shutterstock)

Hackers stole bitcoin worth $41 million from Binance, one of the world's largest cryptocurrency exchanges, the company said on Wednesday, the latest in a string of thefts from cryptocurrency exchanges around the world.

The 7,000 bitcoin were withdrawn by hackers using a variety of techniques, “including phishing, viruses and other attacks,” according to a post on Binance’s website by chief executive officer Zhao Changpeng.

The post said user funds would not be affected because the company would use its secure asset fund for users to cover the loss.

Bitcoin's price dropped by as much as 4.2 percent in early Asian trading as news of the hack broke, although it later recovered some of its losses.

Zhao said on Twitter other crypto exchanges, including Coinbase, had blocked deposits from addresses linked to the hack.

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Last Update: Wednesday, 8 May 2019 KSA 08:26 - GMT 05:26
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