๐ 2019 Binance Hack: $40 Million Stolen in a Single Transaction
In May 2019, Binance, one of the worldโs largest crypto exchanges, suffered a major security breach where hackers stole 7,000 BTC โ worth around $40 million at the time โ in a single, coordinated attack.
๐ป The hackers used a combination of phishing, malware, and API exploits to bypass Binanceโs security systems and drain funds from its hot wallet. Remarkably, the entire theft was executed in one transaction.
๐ 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).
โ๏ธ The attack led to improved security protocols across the industry and showcased the importance of exchange transparency, hot wallet management, and insurance reserves.
๐ฌ Despite the shock, Binance recovered swiftly โ and retained user trust through fast action and open communication.
๐ท๏ธ #BinanceHack
