Hacks · May 7, 2019
Binance hot wallet hacked for 7,000 BTC (~$40M)
Price at event
$5,820
Today
$73,594
Since then
×12.6
On May 7, 2019, attackers drained 7,000 BTC (about $40.7M) from Binance's hot wallet in a single transaction, using compromised API keys and 2FA codes that sailed through the exchange's security checks. The world's largest exchange covered the entire loss from its SAFU insurance fund, leaving users whole and turning "funds are safu" into an enduring industry meme. CEO Changpeng Zhao briefly floated convincing miners to reorganize the Bitcoin chain to reverse the theft before thinking better of it.
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