To carry out the security breach the hackers used a variety of methods and managed to get some user information such as two-factor authentication codes, which are required to log in to a Binance account. However, the cryptocurrency exchange was able to trace the stolen Bitcoin to a single wallet, it said.
Binance said the theft occurred from the companys “hot wallet”, which accounts for about 2% of its total Bitcoin holdings. A wallet is a digital means of storing cryptocurrency. A “hot wallet” is one that is connected to the internet as opposed to a “cold” one which stores digital coins offline.
Binance said it would cover the incident “in full” and no user funds will be affected, according to MSN Money.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now