Another Reason To Avoid Cryptocurrencies

Binance, one of the world’s bigges cryptocurrency exchanges, announced it has been a victim of a massive security breach.

The exchange said late Tuesday that hackers have run off with over 7,000 bitcoinOpens a New Window. worth an estimated $41 million after they used a “variety of techniques, including phishing and viruses,” to tab into its systems.

While the thieves only got a hold of around 2 percent of Binance’s bitcoin holdings and all other cryptocurrencies were “unharmed,” the exchange said it will need to suspend all deposits and withdrawals for at least one week.

The company also said hackers managed to obtain some user information during the attack and warned they “may still control certain user accounts and may use those to influence prices.”


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