Binance will ‘do what they can’ to help recover funds stolen in yesterday’s $5M

Eterbase, a Slovakia-based crypto exchange, was recently the victim of a $5M hack. According to an update from Eterbase, some of these funds appear to have ended up on a number of popular exchanges, including Binance, Huobi Global, and HitBTC.

Binance CEO’s Changpeng Zhao, or CZ, seemed to support efforts to stop the circulation of these stolen funds, replying:

“Our security team was on this quite early. Will do what we can to assist.”

Through Telegram, Eterbase also published a list of the hot wallets compromised by the hack. These included Bitcoin (BTC), Ehereum (ETH), Tron (TRX), Tezos (XTZ), Algorand (ALGO), and Ripple (XRP) addresses.

As of press time, no representatives either from Huobi Global and HitBTC have issued public comments on the matter. However, Eterbase clarified that they’ll continue running operations as usual and will keep users updated on the matter.

In an article published by Cointelegraph on August 9, researchers showed that attacks against crypto exchanges largely fall into three categories: an insider attack, an attack exploiting the relationship between an exchange and a customer, and an extraction of portions of secret keys.

Back in 2018, Japanese cryptocurrency exchange Coincheck was the victim of a massive hack resulting in a loss of 523 mln NEM coins, worth approximately $534 mln. These coins were also stolen via several unauthorized transactions from the exchange’s hot wallets.

Read More: Binance will ‘do what they can’ to help recover funds stolen in yesterday’s $5M

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