Crypto exchange Binance freezes assets after $6.3 billion security breach
Binance, the world’s largest cryptocurrency exchange, said a security breach had resulted in an estimated $6.3 billion impact that analysts said could amount to the biggest crypto heist ever and might make investors rethink the risks of owning digital assets. Binance said it had worked with partners to freeze the affected assets, with about $3 billion located so far. It gave no update on the…
Crypto exchange Binance froze assets following a $6.3 billion security breach, potentially the biggest crypto heist ever, according to analysts. Binance collaborated with partners to freeze the affected assets, with approximately $3 billion secured so far. The remaining $3.3 billion is yet to be located. Binance co-founder Yi He pledged to cover "all hacking losses".
Initial investigation suggested the breach may have begun with a hacked laptop of an engineer, granting an attacker access to the systems and enabling unauthorized withdrawals. Bitcoin and Ether prices experienced a sharp drop in immediate reaction to the news. Shares of Coinbase Global and Strategy also saw a decline. This incident could further erode investor confidence in centralized exchanges amid ongoing pressure on crypto due to higher US interest rates and reduced demand from ETF buyers.
Binance assures users that their funds are safe, but has temporarily suspended deposits and withdrawals for precautionary measures.
Written by urgent.news from Dawn's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
This story
This is one outlet's version. Read the fullest account.
- Crypto exchange Binance freezes assets after $6.3 billion security breach dawn.com
- Crypto exchange Binance freezes assets after $6.3 billion security breach livemint.com
- Crypto exchange Binance freezes $3 billion after security breach indianexpress.com
- Circle freezes $800M in USDC tied to Binance security incident, shares down seekingalpha.com
