Hackers Withdraw 7,000 Bitcoins in Binance Crypto Exchange Security Breach
Binance, one of the largest cryptocurrency exchanges by daily trade volume, experienced a security breach this week, losing a little over 7,000 bitcoins (BTC). CEO Changpeng Zhao stated at the time that the bitcoins were withdrawn from its hot wallets, which contain only 2% of the exchange’s total bitcoin holdings. In the interim, proceedings from the hack have been moved to seven addresses. CZ devoted a live AMA on Twitter to address community concerns in the wake of the hack, also discussing the idea of a Bitcoin chain reorganization. In response to criticism of using the term “reorg,” CZ later apologized, but noted that “it is my strong view that our constant and transparent communication is what sets us apart from the “old way of doing things.”
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