Binance hack attack: Mirko Ross in WirtschaftsWoche: “For Binance, the situation is life-threatening”
In its article “Der größte Krypto-Raub aller Zeiten verunsichert Anleger” (The biggest crypto heist of all time unsettles investors), WirtschaftsWoche reports on the attack on the crypto exchange Binance. Overnight into Friday, hackers stole digital currencies worth an estimated 6.3 billion dollars in around 20 minutes. According to Binance’s initial findings, a software engineer’s laptop had been compromised. This apparently gave the attackers access and allowed them to trigger unauthorised withdrawals. Binance then temporarily suspended all withdrawals.
“A sign of sheer desperation”
WirtschaftsWoche also spoke to Mirko Ross, founder and CEO of asvin.io, for the article. He sees the withdrawal freeze as a sign of “sheer desperation”. Binance wants to “prevent a bank run” and buy itself the time it urgently needs. “The amount at stake is so large that it would put even major banks in trouble,” says Ross. Because stablecoin issuers have frozen crypto assets, the damage to Binance has been cut in half. Ross still warns: “They now have to raise billions in liquid funds within a few days. For Binance, the situation is life-threatening.”
Read the full WirtschaftsWoche article for Mirko Ross’s complete assessment and more on the record crypto heist (in German):
https://www.wiwo.de/finanzen/boerse/binance-gehackt-milliardenschwerer-hackerangriff-auf-weltweit-groesste-krypto-boerse/100266077.html
Konrad Buck
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