Binance Hacked for $40 Million- The Implications

Binance has been hacked! The World's largest cryprocurrency exchange has been robbed of $40 million, or 7000 Bitcoin. This is a crazy crime, as Binance has excellent security and is know for this strength.

Cyber criminals made off with the loot, which is 2% of Binance's value, by gaining illicit access to its transaction-processing hot wallet. A hot wallet is always at risk to theft, because it is connected to the internet. A cold wallet or cold storage is an offline wallet that cannot easily be breached and is comprised of physical storage.

This hack has shaken the cryptocurrency community's faith. We must all take action to secure our digital assets. Binance has the funds to recover from this attack, and was sophisticated enough to ensure their operational safety. Let this be a lesson that we are all veurnerable and to take precautions.

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Picture from Pixabay.

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