Hackers stole $40 million in Bitcoin from cryptocurrency exchange Binance specifically because they trusted it most.
‘Bitcoin Ledger is the Most Immutable’
That was the conclusion circulating among the cryptocurrency community May 8 in the days after one of the world’s biggest trading platforms accepted it was unlikely to recover the funds and would need to repay users out of its own pocket.
Hackers succeeded in circumventing Binance’s security protocols earlier this week, launching what executives said was a coordinated attack.
A technical summary of the event accompanied warnings from CEO Changpeng Zhao (known as CZ) that some user accounts may still be under the control of malicious parties.
As Bitcoinist reported, markets quickly shook off the impact of the attack, Bitcoin price 00 dropping only $200 and for a matter of hours before rebounding.
However, the debate over Binance’s handling of the hack – focusing on an idea being entertained by Zhao to undo the day’s transactions – continued.
Known as a…