Attackers leveraged an engineer's compromised laptop to access a service container, triggering a massive unauthorized withdrawal operation against the global platform while leaving US operations untouched. Binance quickly halted all platform deposits and withdrawals, working alongside industry collaborators to successfully trace approximately $3bn of the stolen digital assets. The exchange anticipates restoring standard withdrawal functions within 45 hours and confirmed customer balances will be fully reimbursed via emergency reserve funds.
Key points
Binance confirmed that user balances are fully secured and covered by an emergency reserv…: Binance confirmed that user balances are fully secured and covered by an emergency reserve fund and corporate capital.
Analytics firms noted operational similarities to prior cryptocurrency exchange attacks c…: Analytics firms noted operational similarities to prior cryptocurrency exchange attacks conducted by North Korea's Lazarus Group.
Users are urged to exercise heightened caution regarding phishing scams, fraudulent custo…: Users are urged to exercise heightened caution regarding phishing scams, fraudulent customer support accounts, and suspicious transfer requests.
Sources checked by our analysis pipeline: 1
- Published
Binance, the world's largest crypto exchange, has been hit by what is believed to be the largest crypto hack ever at $6.3bn (£4.7bn).
Crypto is a type of digital asset which does not exist physically like cash or coins. Instead, people use digital wallets on their smartphones or computers to access and manage it.
Richard Teng, Binance's co-chief executive officer, said it is working with the authorities to work out what has happened and it will cover all losses.
Here's what we know so far.
What is Binance?
Binance is the world's largest cryptocurrency exchange by trading volume, where people can buy, sell and trade digital currencies, like Bitcoin, as well as deposit and withdraw them.
It was founded in China in 2017 and has hundreds of millions of registered users worldwide.
The exchange has come under scrutiny over the past few years - notably in 2023, when its then-chief executive, Changpeng Zhao, resigned after pleading guilty to money laundering violations.
Last year, a lawsuit in the US accused the company of helping send millions of dollars to…
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