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What the Binance Hack Teaches Us

What the Binance Hack Teaches Us

Last week’s Binance hack highlighted two glaring issues in cybersecurity and the integrity of the Bitcoin network.

The crypto exchange giant suffered a severe premeditated hack on May 7, 2019. It reportedly resulted in around 7,070 Bitcoins, worth over USD 40 million at the time, lost. They were stolen from the exchange’s hot wallet in a transaction that went undetected by the firm’s security systems.

While a massive amount, this hack was eclipsed by USD 530 million Coincheck exchange hack in 2018. The last 18 months have also seen exchange thefts at Cryptopia, DragonEx, Bithumb (twice!), Zaif, BitGrail and CoinRail.

Lack of Bank Account-Like Controls

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