The cryptocurrency sector was rattled when North Korean hackers reportedly stole over $6.3bn in digital assets from Binance via a compromised engineer's laptop, driving Bitcoin to a six-week low. Binance temporarily froze withdrawals and is working with industry partners to track down roughly $3bn of the stolen capital. Meanwhile, Britain's housing market logged its weakest annual expansion since January 2024, with Nationwide reporting that yearly growth slowed to 0.5% in October. The residential property stagnation was heavily driven by average fixed-rate mortgages rising toward 6% alongside broader consumer and geopolitical anxieties.
Key points
Binance confirmed that user balances are secure and co-founder Yi He pledged that the fir…: Binance confirmed that user balances are secure and co-founder Yi He pledged that the firm will absorb all financial losses.
Climbing mortgage rates reaching nearly 6% continue to restrict buyer demand and stall av…: Climbing mortgage rates reaching nearly 6% continue to restrict buyer demand and stall average monthly prices in the UK.
Broad economic worries including inflation, energy costs, and Middle East conflict are si…: Broad economic worries including inflation, energy costs, and Middle East conflict are simultaneously dampening market activity across multiple sectors.
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News of Binance’s security breach sent bitcoin falling by more than 3% to a six-week low of $76,368 – although it’s since recovered back to $78,335 (-0.6%).
US stocks linked to cryptocurrencies fell in afterhours trading.
Binance freezes withdrawals after $6.3bn security breach
The crypto industry is reeling from a massive hack at Binance, the world’s largest cryptocurrency exchange.
Digital assets worth more than $6.3bn (£4.7bn) have reportedly been taken from Binance by North Korean hackers, apparently after a laptop belonging to one of its engineers was hacked.
The company said its teams are “working around the clock” to resolve the issue.
“Rest assured that user funds are completely safe,” a Binance spokesperson said in a statement.
Binance said it had worked with partners to freeze the affected assets, with about $3bn located so far. It gave no update on the status of the remaining $3.3bn as Binance co-founder Yi He said the company would cover “all hacking losses”.
Introduction: UK house price growth slowest since January 2024
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