North Korea-Linked Group Suspected to Hit Binance with Massive Hack
As Binance, the world’s largest cryptocurrency exchange, suffered the largest hacking damage in history, a massive ripple effect is spreading across the global cryptocurrency market and domestic and foreign exchanges. This incident clearly revealed the security vulnerabilities of the digital asset e
Binance, the world's largest cryptocurrency exchange, has recently experienced the most extensive hacking incident in the history of digital assets, resulting in an estimated loss of $6.3 billion. This breach, traced back to a North Korean-linked hacking group, has sent shockwaves throughout the global cryptocurrency market, causing major stablecoin issuers Tether and Circle to freeze their coins within Binance to prevent trading.
The price of Bitcoin, the leading cryptocurrency, has dropped by around 4% to reach a monthly low of $78,000. In response to the security incident, Binance temporarily suspended deposits and withdrawals, ensuring user funds' safety, while conducting a thorough investigation and promising to compensate any losses using insurance funds and company resources.
The incident has also led to heightened security concerns in the domestic cryptocurrency market, with exchanges like Upbit, the largest in South Korea, urging customers to exercise caution when withdrawing funds to Binance. This series of events underscores the urgent need for robust security measures in both domestic and foreign cryptocurrency markets.
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