(Dado Ruvic/Reuters)In a single withdrawal, hackers siphoned $40 million in bitcoin from one of the largest cryptocurrency exchanges in the world. Law enforcement agencies do have ways of tracking stolen bitcoin, however, including tying a person’s known IP address to their bitcoin transactions and tracing how hackers exchange large amounts of bitcoin into hard currency. The price of bitcoin fell about 3 percent Tuesday after Binance’s announcement, but it has since recovered, according to Coinbase, a U.S.-based cryptocurrency exchange. [Why bitcoin exchanges keep getting hacked — and how to protect yourself]The biggest bitcoin exchange heist occurred in 2014, when Japan-based Mt. And in 2016, hackers nabbed about $72 million in bitcoin from Hong Kong-based Bitfinex.

Source: Washington Post May 08, 2019 14:33 UTC