Threat actors have stolen 7,000 Bitcoin worth around $40 million from cryptocurrency exchange Binance, in what the firm described as a “large scale security breach.” Binance is using an emergency insurance fund to cover the losses so users will not lose any funds.
The theft was the result of a sophisticated attack in which threat actors gained access to user data by means of phishing and malware. They used this data to “execute well-orchestrated actions through multiple seemingly independent accounts,” which ultimately enabled them to carry out one massive withdrawal that was not identified as malicious activity by any of the security measures put in place by Binance. The exchange is investigating the incident to see if any other systems or data were compromised.
Read more: Hackers Steal $40 Million Worth of Bitcoin From Binance Exchange
