Hackers steal $6.3 billion from Binance in record crypto heist
Summary
Binance said a hack caused an estimated $6.3 billion in losses and suspended withdrawals. The company says it has reserved funds to cover the losses, while investigators and blockchain analysts examine the breach and the movement of stolen assets.Key Facts
- Binance estimated the hack’s total impact at about $6.3 billion.
- The company said about $3 billion in affected assets, mainly stablecoins, had been frozen.
- Elliptic analysts said the attacker converted about $3.3 billion into digital assets that could not be frozen and was seeking to cash them out.
- Binance said an initial investigation pointed to a compromised engineer’s laptop and that further investigation found additional breach points.
- TRM Labs linked the theft to TraderTraitor, a North Korean hacking unit; Binance said it was working with law enforcement.
- Binance said it had reserved more than $6.34 billion to cover the incident, including $5 billion held in the affected token assets.
- Bitcoin fell about 4 percent after news of the hack emerged, then recovered to trade above $78,000.
- Binance was founded in 2017 and pleaded guilty to U.S. criminal charges related to anti-money-laundering violations in 2023, paying a $4.3 billion fine.
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