Hackers stole $40 million from Binance cryptocurrency exchange

Binance - one of the world's largest cryptocurrency exchanges - has been hacked and hackers have stolen over $40 million worth of bitcoin, the company said on Tuesday. Some user two-factor authentication codes and API tokens were also stolen. The hackers targeted the Japan-based exchange's 'hot wallet', which refers to a cache of Bitcoin connected to the internet.

"The hackers had the patience to wait, and execute well-orchestrated actions through multiple seemingly independent accounts at the most opportune time," the statement read. "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 in our system. We stopped all withdrawals immediately after that".

Account holders will not be able to withdraw or deposit bitcoins for the next week while a security review is carried out. Customers will still be allowed to trade.

Last year, $950 million of cryptocurrencies was stolen from cryptocurrency exchanges and infrastructure services such as wallets, up nearly 260 percent from the previous year, research from U.S.-based cyber security firm CiptherTrace showed.

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