Crime
Exchanges
Op-Ed
Security
May 8, 2019, 10:53AM EDT
• 2 min read

Skeptic's lens: Binance suffered the sixth-largest hack in history but it will take less than 2 months to earn it back

Larry Cermak

Quick Take

  • Binance, the largest cryptocurrency exchange in terms of volume, suffered the sixth largest hack in history, in which $41.2 million was stolen
  • Binance’s security system was bypassed by structuring the transaction in a way that didn’t trigger any safeguards
  • Considering that Binance brought in $78 million in profits in Q1, it will take approximately 47 days for Binance to make up what it lost in the hack
  • The all-time total of funds stolen from exchanges surpassed $1.35 billion with the Binance hack

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