The Binance hack raises the alarm about crypto security
On Friday, a group of hackers attacked the platform and stole $6.3 billion, the largest crypto heist in history. Experts explain that the problem is not the technology, but the intermediaries. Read
Binance, the world's largest cryptocurrency exchange by number of users, was hacked on Friday, resulting in an estimated $6.3 billion theft, the largest in cryptocurrency history. The hackers gained access to an engineer's laptop and compromised the automated process that governs and authorizes transfers, allowing them to make massive withdrawals through ten different blockchains.
Experts say the problem lies not with the technology, but with intermediaries, and that security depends on both processes and technology. Binance has reserved over $6.3 billion to cover the incident, and other companies, including Tether and Circle, have blocked or frozen around $3.8 billion in funds.
Written by urgent.news from Expansion ES's report — not a translation of it. Machine-written — may contain errors; check the original before relying on it.
