Binance Suffers $40 Million Hack

Yesterday, the Binance cryptocurrency exchange notified customers that they were a victim of a serious hack. Some services were temporarily offline and an investigation is underway. This is the latest in a troubling trend in the cryptocurrency world. Many individuals, businesses, and exchanges have been compromised over the past year, with more likely in the future.

Where value grows, threats are sure to follow. The cryptocurrency markets and infrastructure will continue to be targeted by cybercriminals as the potential gains far outweigh the effort to plunder them. The recent loss of $40 million to hackers was against one of the biggest and most respected cryptocurrency markets out there, Binance. More security is needed across the cryptocurrency space as it grows quickly. In this age of blockchain innovation, we must evaluate what is relatively secure, the capabilities of the threats, and where the weak points exist.

More details of this specific hack can be found here: https://www.cnn.com/2019/05/08/tech/bitcoin-binance-hack/index.html