Binance probes suspected record $6.3bn cryptocurrency security breach
Developing story first seen 2 hours ago
Binance says it is investigating a security breach believed to involve about $6.3bn (£4.7bn), potentially the largest cryptocurrency hack recorded. The exchange’s co-chief executive said it would cover users’ losses, while deposits and withdrawals were temporarily suspended as a precaution.
Binance’s initial investigation suggests an engineer’s compromised laptop may have given an attacker access to a service container used to submit unauthorised withdrawals. The identity of those responsible is unknown; some analysts have noted similarities to attacks linked to North Korea, but this has not been confirmed. Binance said around $3bn of the affected assets had reportedly been located and it expected withdrawals to resume within 45 hours; its US-focused Binance.US service said it was unaffected.
- Sources
- 2
- Outlets
- 2
- Left · Centre · Right
- 0 · 1 · 0
In short
- Binance is investigating a suspected $6.3bn hack.
- The exchange says it will cover all user losses.
- Around $3bn in affected assets has reportedly been located.
How this story developed
- 1 second ago Binance says it is investigating a security breach believed to involve about $6.3bn (£4.7bn), potentially the largest cryptocurrency hack recorded. The exchange’s co-chief executive said it would cover users’ losses, while deposits and withdrawals were temporarily suspended as a precaution.
Explained simply
Binance is one of the world’s largest cryptocurrency exchanges, where people can buy, sell and store digital assets such as bitcoin. It operates services in many countries, including Binance.US, which is separate from its main international platform.
Crypto exchanges hold or help manage customers’ assets and use computer systems to process transactions. If attackers gain access to those systems, they may be able to move funds without permission; tracing digital currency can sometimes help investigators follow where it goes, though it does not always mean it can be recovered.
Coverage · 2 sources
Business Crypto Cybersecurity Technology
Read the full article at the source →
Originally published by BBC Technology as “What we know so far about the Binance hack”.