Binance hacked for estimated $6.3 billion, record crypto theft
· Technology · Engadget, Ars Technica, Bloomberg
Binance confirmed a cyber attack resulting in an estimated $6.3 billion loss, the largest crypto theft on record if accurate, surpassing last year's $1.5 billion Bybit hack. The company promised to cover all user losses using its SAFU Secure Asset Fund for Users and stated user funds are safe. Binance suspended withdrawals for a security revamp while keeping deposits normal. Tether and Circle froze $1.5 billion and $800 million respectively linked to the attack. Security firm TRM Labs attributed the hack to North Korea's elite TraderTraitor unit with high confidence, citing a compromised DevOps engineer's laptop as the likely entry point.
Why it matters
The breach underscores severe counterparty and solvency risks for users holding assets on centralized exchanges, prompting investors to reassess the safety of custodial crypto holdings.
Read the original report — Engadget
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