Binance Hit by Record Crypto Heist, Freezes Withdrawals and Pledges to Cover Losses
Binance confirmed a major hack that drained billions in cryptocurrency. The exchange suspended withdrawals and said user funds remain safe as stablecoin issuers moved to freeze stolen assets.
AfroEuropa Newsroom
AfroEuropa desk
Binance, described as the world's largest cryptocurrency exchange, confirmed it had been hacked in what multiple outlets are calling a record-breaking crypto theft. Estimates of the amount taken vary: The Record from Recorded Future News and Engadget reported a figure of $6.3 billion, while Tom's Hardware put the total at $5.6 billion.
According to Tom's Hardware, withdrawals at the exchange were suspended while the company worked to resolve the incident. Binance stated that user funds remain safe and that it will cover all losses. The U.S.-specific Binance.us website was reportedly unaffected.
In an update on Friday cited by Tom's Hardware, Binance said its initial investigation suggested the incident may have involved a compromised laptop, but that subsequent investigation uncovered additional points of breach. The company described it as a complex attack and said it was coordinating with law enforcement while still gathering facts.
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