On Thursday, Binance announced that a security incident on its platform has affected roughly $6.3 billion of assets, about half of which have been frozen with the help of other exchanges. The company said the breach may have stemmed from a compromised engineer’s laptop that allowed unauthorized withdrawals.
In a series of online alerts, Binance confirmed that it will cover all losses and that it is working “around the clock” to resolve the issue. Coinbase, another major exchange, said it was unaffected and was monitoring the situation. Industry observers had flagged potential security concerns hours before Binance’s official statement.
Regulators worldwide have already scrutinized Binance, and the exchange’s response will be closely watched as the investigation into the breach continues.
