Binance hit by $6.3bn hack, halts deposits and withdrawals
Cryptocurrency exchange Binance suffered a $6.3bn hack, possibly the largest cyber theft ever. It froze about $3bn in stolen assets, halted all deposits and withdrawals, and said user funds are safe. Losses will be covered by its SAFU fund and company reserves.
The world's largest cryptocurrency exchange, Binance, has been hit by a hack involving US$6.3 billion, in what may be the biggest cyber theft on record, the company said on 30 October.
A spokesperson said about US$3 billion of the stolen assets had been frozen and reiterated that user funds were completely safe. Binance has suspended all deposit and withdrawal services while it conducts a security review and cooperates with law enforcement.
In a social media post, Binance said a preliminary investigation indicated the breach involved an engineer's laptop being compromised, allowing hackers to access servers and submit unauthorised withdrawal transactions. It added that no evidence had been found of any wallet private keys being leaked.
Binance said the full loss from the incident would be covered by its User Asset Security Fund (SAFU) and the company's own funds. Industry insiders estimated the losses would be within a manageable range.