🔐 2019 Binance Hack: $40 Million Stolen in a Single Transaction
In May 2019, Binance, one of the world’s largest crypto exchanges, suffered a major security breach where hackers stole 7,000 BTC — worth around $40 million at the time — in a single, coordinated attack.
💻 The hackers used a combination of phishing, malware, and API exploits to bypass Binance’s security systems and drain funds from its hot wallet. Remarkably, the entire theft was executed in one transaction.
🛑 Binance immediately halted all deposits and withdrawals, launched a full investigation, and assured users they would be reimbursed via the SAFU fund (Secure Asset Fund for Users).
⚙️ The attack led to improved security protocols across the industry and showcased the importance of exchange transparency, hot wallet management, and insurance reserves.
💬 Despite the shock, Binance recovered swiftly — and retained user trust through fast action and open communication.
🏷️ #BinanceHack
