Second, such an action could result in another bitcoin fork which would only serve to dilute the digital currency further.This site claims there are 105 bitcoin forks so far, with 74 still active and relevant to bitcoin holders while the other 34 are historic and meaningless.
While this amounts to just two per cent of Binance Bitcoin holdings, Zhao warned that thhere could be other accounts affected by the hack.
The hackers structured the transaction to bypass existing security checks, and Binance was unable to block the withdrawal before it was executed, according to the post. The hackers were unable to access the Binance cold storage-the off-line wallets where the majority of funds are kept. "Once executed, the withdrawal triggered various alarms in our system".
A statement on its website read: "We are still concluding all possible methods used".
The head of Binance said the "large scale security breach" was accomplished through "a variety of techniques, including phishing, viruses and other attacks".
As it stands, it looks like the hackers have got away with the heist, though we suspect there will be some joint cyber task force looking at tracking them down.
At the time of writing, Bitcoin is trading up over 2% at its current price of $6,050, up significantly from its weekly lows of $5,500.
Binance sets aside funds in what has been dubbed a #SAFU account, so the loss will be entirely covered at no expense to users.
For the moment, Binance withheld all deposits and withdrawals but continues to allow trading. Since July previous year, Binance started to allocate 10 percent of its trading fees every month to a company Secure Asset Fund for Users (SAFU fund), which can now be used to recover the millions lost.
Adding his own opinion, Charlie Shrem noted that the ability for anyone to track and trace the $40 million hoard on an immutable ledger was "testament to Bitcoin's value".
If you have or had your bitcoin on Binance, are you now out of pocket?
We must conduct a thorough security review. However, Changpeng Zhao responded by saying that the exchange is hurt but not broke and they are going to cover the losses through their $SAFU fund.
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