Binance Faces Historic $6.3 Billion Hack, Assets Frozen

Binance, the leading cryptocurrency exchange, experienced a major security breach late Thursday, resulting in the theft of $6.3 billion in funds. Investigators have labeled this incident as the largest crypto hack to date, with approximately half of the stolen assets currently frozen.

In response to the breach, Binance has temporarily halted customer deposits and withdrawals. Co-CEO Richard Teng assured users that the exchange would cover all losses using company funds. The hack was described as a complex attack, with initial investigations suggesting a compromised laptop and broader security vulnerabilities.

As part of the response, around $3 billion in assets have been frozen with assistance from stablecoin issuers like Tether and Circle. The hack has caused significant fluctuations in the crypto market, with Bitcoin and other major cryptocurrencies experiencing declines. Blockchain analysis firms have linked the attack to North Korean hackers, indicating that a substantial portion of the stolen assets remains under their control.