{"id":381396,"date":"2019-05-09T00:01:19","date_gmt":"2019-05-09T00:01:19","guid":{"rendered":"https:\/\/wncen.com\/?p=381396"},"modified":"2019-05-08T20:31:31","modified_gmt":"2019-05-08T20:31:31","slug":"binance-hack-marks-6th-largest-in-crypto-history-lost-bitcoin-recouped-in-47-days","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/binance-hack-marks-6th-largest-in-crypto-history-lost-bitcoin-recouped-in-47-days\/","title":{"rendered":"Binance Hack Marks 6th Largest in Crypto History, Lost Bitcoin Recouped In 47 Days"},"content":{"rendered":"<p><a href=\"\/tag\/binance\" rel=\"nofollow\">Binance<\/a>, one of the largest cryptocurrency exchanges by trading volume and one of the most trusted and respected names throughout the industry, is now also among the largest cryptocurrency exchange hacks to ever hit the crypto industry since the inception of <a href=\"\/tag\/bitcoin\" rel=\"nofollow\">Bitcoin<\/a>.<\/p>\n<p>The \u201csecurity breach\u201d as Binance is referring to it as, resulted in 7,000 BTC being stolen from the exchange using advanced methods that helped the hackers remain undetected. The stolen Bitcoin at today\u2019s prices, brings the total loss at the hands of hackers to roughly $41 million dollars \u2013 an amount Binance will be able to recoup completely in just 47 days, according to one crypto analyst.<\/p>\n<h2>Stolen Bitcoin \u201cPeanuts\u201d for Binance to Recoup According to Analyst<\/h2>\n<p>Head Analyst at <a href=\"https:\/\/www.theblockcrypto.com\/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">The Block<\/a> and former researcher at Diar, Larry Cermak, spent some time digging through data from the Binance hack to try and get to the bottom of what happened. The analyst speculates that the hack had something to do with Binance\u2019s lack of Segwit implementation, due to none of the exchange&#8217;s famed safeguards being triggered.<\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | Bullish: Crypto Community In Shock Over Recent Bitcoin Price Resilience<\/strong><\/em><\/p>\n<p>The analyst further concludes, that the security breach is the sixth largest exchange hack in crypto history, with a grand total of $41 million in Bitcoin being stolen from the leading cryptocurrency trading platform known for its extensive variety of altcoins.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Some of my thoughts\/insights on Binance hack<\/p>\n<p>&#8211; $41M is peanuts for Binance &#8211; they can make it back in 47 days<br \/>&#8211; It was the sixth largest exchange hack in history and the total amount stolen from exchanges is now $1.35 billion<br \/>&#8211; reorg was a stupid idea that wouldn&#39;t work <a href=\"https:\/\/t.co\/K8rBuFggZm\" rel=\"nofollow\">pic.twitter.com\/K8rBuFggZm<\/a><\/p>\n<p>&mdash; Larry Cermak (@lawmaster) <a href=\"https:\/\/twitter.com\/lawmaster\/status\/08676096?ref_src=twsrc%5Etfw\" rel=\"nofollow\">May 8, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Cermak says that the $41 million is \u201cpeanuts\u201d for Binance, and will take a mere 47 days to make back the money lost as a result of the security breach. The analyst used data from Binance\u2019s Q1 2019 financial report, which revealed the firm brought in $78 million in profits during the term. With roughly 90 days in any given quarter, the analyst was able to come up with an estimate per day of what Binance earns, which is nearly $875,000 per day in profit.<\/p>\n<h2>Watch Binance Dominate the Crypto Space<\/h2>\n<p>Although the hack is a setback for Binance, the rapidly growing cryptocurrency exchange shows no signs of slowing its momentum.<\/p>\n<p>Throughout most of 2019, the platform\u2019s native cryptocurrency has been among the market\u2019s top performers, as the firm is launching its own blockchain, a decentralized exchange, and made the token necessary to invest in the company\u2019s launchpad platform, where it brings new cryptocurrencies to investors for the first time.<\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/wncen.com\/2019\/04\/18\/binance-coin-bnb-nears-all-time-highs-after-exchange-makes-several-bullish-announcements\/\">Binance Coin (BNB) Nears ATH After Exchange Makes Several Bullish Announcements<\/a><\/strong><\/em><\/p>\n<p>The company\u2019s unprecedented growth happened almost overnight, with Binance exploding onto the scene in late 2017, and in just one quarter in the market jumped in revenue from just $7.5 million in a quarter to $200 million in the first quarter of 2018.<\/p>\n<p>Since then, interest in the crypto market has waned, and competition has picked up, yet still Binance was able to bring in $78 million in revenue during Q1 2019 during the lowest depths of the bear market.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Real cool to see the <a href=\"https:\/\/twitter.com\/hashtag\/bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#bitcoin<\/a> trading volume per exchange 2017 till today. \ud83d\udd25\ud83d\ude80\ud83d\udd25 <a href=\"https:\/\/twitter.com\/hashtag\/BTC?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#BTC<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/trading?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#trading<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/volume?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#volume<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/cryptolife?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#cryptolife<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/thebitcoinfamily?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#thebitcoinfamily<\/a> <a href=\"https:\/\/t.co\/gNvhIB8XM6\" rel=\"nofollow\">pic.twitter.com\/gNvhIB8XM6<\/a><\/p>\n<p>&mdash; \u20bf Didi Taihuttu \u20bf ALLIN\ud83d\udca5 (@Diditaihuttu) <a href=\"https:\/\/twitter.com\/Diditaihuttu\/status\/84565505?ref_src=twsrc%5Etfw\" rel=\"nofollow\">April 19, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>In the above video, Binance\u2019s exploding on the scene can be seen through the change in which exchanges dominate trading volume across the crypto market. In a short time, Binance entered the market, and very quickly became a market leader.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Binance, one of the largest cryptocurrency exchanges by trading volume and one of the most trusted and respected names throughout the industry, is now also among the largest cryptocurrency exchange hacks to ever hit the crypto industry since the inception of Bitcoin. The \u201csecurity breach\u201d as Binance is referring to it as, resulted in 7,000 BTC being stolen from the exchange using advanced methods that helped the hackers remain undetected. The stolen Bitcoin at today\u2019s prices, brings the total loss at the hands of hackers to roughly $41 million dollars \u2013 an amount Binance will be able to recoup completely in just 47 days, according to one crypto analyst. Stolen Bitcoin \u201cPeanuts\u201d for Binance to Recoup According to Analyst Head Analyst at The Block and former researcher at Diar, Larry Cermak, spent some time digging through data from the Binance hack to try and get to the bottom of what happened. The analyst speculates that the hack had something to do with Binance\u2019s lack of Segwit implementation, due to none of the exchange&#8217;s famed safeguards being triggered. Related Reading | Bullish: Crypto Community In Shock Over Recent Bitcoin Price Resilience The analyst further concludes, that the security breach is the sixth largest exchange hack in crypto history, with a grand total of $41 million in Bitcoin being stolen from the leading cryptocurrency trading platform known for its extensive variety of altcoins. Some of my thoughts\/insights on Binance hack &#8211; $41M is peanuts for Binance &#8211; they can make it back in 47 days&#8211; It was the sixth largest exchange hack in history and the total amount stolen from exchanges is now $1.35 billion&#8211; reorg was a stupid idea that wouldn&#39;t work pic.twitter.com\/K8rBuFggZm &mdash; Larry Cermak (@lawmaster) May 8, 2019 Cermak says that the $41 million is \u201cpeanuts\u201d for Binance, and will take a mere 47 days to make back the money lost as a result of the security breach. The analyst used data from Binance\u2019s Q1 2019 financial report, which revealed the firm brought in $78 million in profits during the term. With roughly 90 days in any given quarter, the analyst was able to come up with an estimate per day of what Binance earns, which is nearly $875,000 per day in profit. Watch Binance Dominate the Crypto Space Although the hack is a setback for Binance, the rapidly growing cryptocurrency exchange shows no signs of slowing its momentum. Throughout most of 2019, the platform\u2019s native cryptocurrency has been among the market\u2019s top performers, as the firm is launching its own blockchain, a decentralized exchange, and made the token necessary to invest in the company\u2019s launchpad platform, where it brings new cryptocurrencies to investors for the first time. Related Reading | Binance Coin (BNB) Nears ATH After Exchange Makes Several Bullish Announcements The company\u2019s unprecedented growth happened almost overnight, with Binance exploding onto the scene in late 2017, and in just one quarter in the market jumped in revenue from just $7.5 million in a quarter to $200 million in the first quarter of 2018. Since then, interest in the crypto market has waned, and competition has picked up, yet still Binance was able to bring in $78 million in revenue during Q1 2019 during the lowest depths of the bear market. Real cool to see the #bitcoin trading volume per exchange 2017 till today. \ud83d\udd25\ud83d\ude80\ud83d\udd25 #BTC #trading #volume #cryptolife #thebitcoinfamily pic.twitter.com\/gNvhIB8XM6 &mdash; \u20bf Didi Taihuttu \u20bf ALLIN\ud83d\udca5 (@Diditaihuttu) April 19, 2019 In the above video, Binance\u2019s exploding on the scene can be seen through the change in which exchanges dominate trading volume across the crypto market. In a short time, Binance entered the market, and very quickly became a market leader.<\/p>\n","protected":false},"author":517,"featured_media":381398,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3],"tags":[10768,428,6664,38646,2276],"class_list":["post-381396","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","tag-binance","tag-bitcoin","tag-crypto","tag-exchnage","tag-hack"],"acf":[],"yoast_head":"\n<title>Binance Hack Marks 6th Largest in Crypto History, Lost Bitcoin Recouped In 47 Days<\/title>\n<meta name=\"description\" content=\"7000 Bitcoin or $41 million in crypto has been stolen from Binance, making it the sixth largest hack in crypto exchange history.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/wncen.com\/news\/binance-hack-marks-6th-largest-in-crypto-history-lost-bitcoin-recouped-in-47-days\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Binance Hack Marks 6th Largest in Crypto History, Lost Bitcoin Recouped In 47 Days\" \/>\n<meta property=\"og:description\" content=\"7000 Bitcoin or $41 million in crypto has been stolen from Binance, making it the sixth largest hack in crypto exchange history.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/wncen.com\/news\/binance-hack-marks-6th-largest-in-crypto-history-lost-bitcoin-recouped-in-47-days\/\" \/>\n<meta property=\"og:site_name\" content=\"NewsBTC\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/newsbtc\" \/>\n<meta property=\"article:published_time\" content=\"2019-05-09T00:01:19+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-05-08T20:31:31+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/05\/bitcoin-binance-crypto-shutterstock_1066582802-1100x733.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1100\" \/>\n\t<meta property=\"og:image:height\" content=\"733\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Tony &quot;El Toro&quot; 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As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market. A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony\u2019s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements. Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions. In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony\u2019s expertise to guide their trading strategies. Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies. 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His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice. In summary, Tony \\\"The Bull\\\" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.\",\"sameAs\":[\"https:\/\/coinchartist.io\/\",\"https:\/\/www.instagram.com\/coinchartist_io\/\",\"https:\/\/x.com\/https:\/\/twitter.com\/tonythebullBTC\",\"https:\/\/www.youtube.com\/@coinchartist_io\"],\"url\":\"https:\/\/wncen.com\/author\/tonymspilotro\/\"}]}<\/script>\n","yoast_head_json":{"title":"Binance Hack Marks 6th Largest in Crypto History, Lost Bitcoin Recouped In 47 Days","description":"7000 Bitcoin or $41 million in crypto has been stolen from Binance, making it the sixth largest hack in crypto exchange 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