Crypto Currency

Hackers Stole $40 Million From Binance Cryptocurrency Exchange

cryptocurrency exchanges. As of Tuesday, it’s now also the scene of a major cryptocurrency theft. In what the company calls a “large-scale security breach,” hackers stole not only 7,000 bitcoin—equivalent to over $40 million—but also some user two-factor authentication codes and API tokens.Theft has long been endemic to cryptocurrency; hackers stole more than $356 million…

cryptocurrency exchanges. As of Tuesday, it’s now also the scene of a major cryptocurrency theft. In what the company calls a “large-scale security breach,” hackers stole not only 7,000 bitcoin—equivalent to over $40 million—but also some user two-factor authentication codes and API tokens.

Theft has long been endemic to cryptocurrency; hackers stole more than $356 million from exchanges and infrastructure in the first three months of 2019 alone, according to a recent report from blockchain intelligence company Ciphertrace. But it’s less common to see an established exchange like Binance get hacked—and for the attackers to get so much other information along the way.

The Hack

Binance has been fairly forthcoming about the hack, detailing its impact in a blog post from Binance CEO Zhao Changpeng. “The hackers used a variety of techniques, including phishing, viruses and other attacks,” wrote Zhao. “The hackers had the patience to wait, and execute well-orchestrated actions through multiple seemingly independent accounts at the most opportune time. The transaction is structured in a way that passed our existing security checks.”

It appears that hackers were able to compromise several high-net-worth accounts, whose bitcoin was kept in Binance’s so-called hot wallet—which, unlike cold wallets, are connected to the internet—and filch those funds in a single transaction.

Zhao says the company will conduct a security review of all its systems and data, which he expects to take about a week. In a surprising move, Binance will continue to allow trading during that time—even though hackers may still control some high-net-worth accounts—though it will disable deposits and withdrawals until it’s sure the hackers are accounted for.

“Binance knows that they lost user credentials, that their users’ 2FA got compromised, they do not know the exact extent of the attac

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Crypto Currency

Samsung makes it easier to buy Bitcoin on its phones

Samsung is diving deeper into cryptocurrencies.  On Thursday, the smartphone company announced a partnership with cryptocurrency exchange Gemini, making it easier for users in the U.S. and Canada to buy cryptocurrencies such as Bitcoin on Samsung phones.  This is done through Samsung’s Blockchain Wallet, which now integrates with the Gemini mobile app, allowing users to…

Samsung is diving deeper into cryptocurrencies. 

On Thursday, the smartphone company announced a partnership with cryptocurrency exchange Gemini, making it easier for users in the U.S. and Canada to buy cryptocurrencies such as Bitcoin on Samsung phones. 

This is done through Samsung’s Blockchain Wallet, which now integrates with the Gemini mobile app, allowing users to buy and sell cryptocurrencies. Users will also be able to view their Gemini account balances in the Samsung Blockchain Wallet app, as well as transfer their crypto into col

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Crypto Currency

Cryptocurrency Hardware Wallets Can Get Hacked, Too

Whether you think cryptocurrency is a scam or a salvation, those digital coins can store real-world value. The safest place to keep them is in what’s known as a “hardware wallet,” a device like a USB drive that stores your currency and private keys locally, w…

Whether you think cryptocurrency is a scam or a salvation, those digital coins can store real-world value. The safest place to keep them is in what’s known as a “hardware wallet,” a device like a USB drive that stores your currency and private keys locally, w…
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Crypto Currency

J.K. Rowling is four cocktails in and talking trash about Bitcoin

J.K. Rowling has been drinking a lot and you’d better believe she has some thoughts on Bitcoin. Noted TERF and author of The Cuckoo’s Calling, Rowling decided Friday was the perfect time to learn about the cryptocurrency Bitcoin. And so, like any celebrity who wants to start her day off with a ray of positivity,…

J.K. Rowling has been drinking a lot and you’d better believe she has some thoughts on Bitcoin.

Noted TERF and author of The Cuckoo’s Calling, Rowling decided Friday was the perfect time to learn about the cryptocurrency Bitcoin. And so, like any celebrity who wants to start her day off with a ray of positivity, she hopped on Twitter to engage

“I don’t understand bitcoin,” Rowling tweeted to Coindesk’s Leigh Cuen. “Please explain it to me.”

Over the course of the next several hours, as legions of crypto try-hards leapt at the opportunity to explain consensus algorithms, Rowling’s nascent views on Bitcoin turned from mildly inquisitive to a friendly mocking.

SEE ALSO: Not above the law: Steven Seagal’s shady crypto past under siege by SEC

Perhaps it was the fourth Old Fashioned speaking?

“People are now explaining Bitcoin to me, and honestly, it’s blah blah blah collectibles (My Little Pony?) b

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Crypto Currency

Invested Your Stimulus Check in Bitcoin? Here’s Its Value Today

A stimulus check worth $1,200 invested in Bitcoin in mid-April is now worth $1,640.U.S. Senators are pushing for a second wave of stimulus checks worth $2,000.While the U.S. is preparing to reopen, economic consequences from the pand…

  • A stimulus check worth $1,200 invested in Bitcoin in mid-April is now worth $1,640.
  • U.S. Senators are pushing for a second wave of stimulus checks worth $2,000.
  • While the U.S. is preparing to reopen, economic consequences from the pand…
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