Chinese crypto exchange Binance suffered a major hack on Tuesday, which the company’s CEO responded to by proposing a rollback of the Bitcoin blockchain to rectify — a suggestion that riled up the community.
The company formally notified the public via an announcement on the evening of May 7, 2019, claiming that the hackers had employed a diverse range of tactics from outright viruses to social engineering techniques such as phishing scams. In addition to gaining access to other sensitive information, Binance also admitted that a single transaction sapped 7,000 bitcoins from Binance’s wallet, roughly 2 percent of the company’s entire BTC holdings.
“The hackers had the patience to wait, and execute well-orchestrated actions through multiple seemingly independent accounts at the most opportune time. The transaction is structured in a way that passed our existing security checks. It was unfortunate that we were not able to block this withdrawal before it was executed. Once executed, the withdrawal triggered various alarms…