$6 billion Binance hack sends bitcoin, ether tumbling; Standard Chartered expects more pain

Binance has reported a major security breach that resulted in an estimated $6.3 billion impact, an incident which analysts say could be the largest crypto heist in history. According to Dawn, an initial investigation suggested the breach may have started with a hacked laptop belonging to an engineer, allowing an attacker to gain system access and make unauthorized withdrawals. The exchange has temporarily suspended all deposits and withdrawals to conduct security checks and work with law enforcement.

The suspected hack caused digital assets to tumble. Bitcoin dropped more than 3 per cent to a six-week low of $76,368, while ether fell more than 3 per cent to a two-month low of $2,178, according to Dawn. CoinDesk reported that Bitcoin and ether slid following the Binance breach and a Polymarket exploit. Standard Chartered stated that cryptocurrency prices may remain under pressure before finding a base.

Binance has pledged to cover all hacking losses. Dawn reports that the company has located approximately $3 billion in affected assets, while The Business Times - Companies & Markets notes that while $3 billion is currently frozen, this figure may continue to increase. The Hindu - Sci-Tech reported that Binance indicated more than $2.5 billion in funds had been frozen. Chainalysis estimated the amount stolen at approximately $5.912 billion at the time of the theft.

Brief written by urgent.news from CoinDesk, Dawn, The Business Times - Companies & Markets, The Hindu - Sci-Tech, SCMP Business — 5 reports on this story. Machine-written — may contain errors; check the original before relying on it.