Binance battles to save its brand after record $6.3bn crypto hack
Summary
Binance is trying to restore customer confidence after a reported $6.3 billion hack that investigators believe may be linked to North Korean hackers. The exchange says it will cover users’ losses and froze about half of the targeted funds, while customers withdrew a net $3.6 billion after the breach.Key Facts
- The article describes the $6.3 billion theft as the largest online theft to date.
- More than $2.5 billion was taken in a single transaction, according to the article.
- A Binance engineer’s laptop was infiltrated, and the exchange reported additional points of breach.
- Binance said it would cover the losses and that customer funds were safe.
- The exchange said it froze about half of the funds targeted in the hack.
- Binance processed $4.6 billion in withdrawals and $1 billion in deposits, for a net outflow of about $3.6 billion.
- The article says crypto users generally lack formal government deposit protection in the United States, the United Kingdom, and Australia.
- Former Binance CEO Changpeng Zhao warned that scammers were circulating fake compensation offers related to the incident.
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