Binance’s recovery from the biggest crypto hack in history | Explained
The largest cryptocurrency exchange in the world was hit by an approximately $6.3 billion hack, the biggest in history, yet, customers got their crypto back in about 3-4 days
On October 29, Binance users received alarming messages indicating their accounts had been emptied unexpectedly, marking the largest cryptocurrency heist in history, with over $6 billion stolen within a mere 20-minute window. By November 2, Binance had successfully reimbursed all customer losses, showcasing a swift recovery process.
Despite the incident, the search for the perpetrator and the subsequent investigation continues. Cryptocurrency transactions rely on a system of public and private keys, with each user responsible for maintaining their security. According to Binance, the preliminary investigation suggests that a compromised laptop used by one of their engineers may have facilitated the unauthorized withdrawal transactions.
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