An hour after Binance, one of the biggest crypto currency exchanges, announced that it was hacked for over 40 million USD, the company is still not sure how extensive the breach is and whether hackers are not continuing to siphon coins out of its system. Binance CEO Changpeng Zhao asked customers for forgiveness in a YouTube video, admitting that they still do not know the number of customers affected. “We need to make sure that we eradicate any trace of the hackers in all of our accounts, in all of our data. That is a very tedious process,” Changpeng said.
nothing new about this news. Crypto currency is known to be for low security transaction. Hackers have been know to steal crypto currency and will continue to steal till none left.
They had a similar hack last year for exactly the same amount 7K BTCs, because that is the size of their hot wallet. Instead of spending money on security, they started a fund "in case we get hacked again", called SAFU. Supposedly 10% goes into this fund. The 7K bitcoin loss is about 1 month of profits for them, they can look at it as the cost of business of being a crypto broker...
first there are people who create these strings of digits out of thin air; but they call the process 'mining' or 'minting'; then they name these strings 'currencies'; then they sell these 'currencies' to some fools; then they hack to steal from the fools; this type of story, 30 years from now, you can tell your grandchildren how stupid people are.
> The company doesn't disclose its financials publicly, he said, and media outlets have been publishing estimates based on publicly available metrics. Other studies show that Bitcoin volume is fake.
Money laundering? lol https://www.businessinsider.com/how-wachovia-laundered-billions-in-mexican-drug-money-2011-4 The newspaper's investigation shows how the bank - now owned by Wells Fargo - moved $378.4 billion from powerful drug cartels into currency exchange houses in Mexico. That's one-third of Mexico's annual GDP. https://www.marketwatch.com/story/n...1-million-money-laundering-scandal-2018-02-21 Despite the heavy financial penalty for HSBC following the scandal, eleven banks have incurred higher fines than them during the last decade. MarketWatch recently revealed that banks have been fined a total of $243 billion since the financial crisis with HSBC paying out $4.5 billion.