Binance Hit by $6.3bn Hack, Largest in History
Binance, the world's largest cryptocurrency exchange, has been hit by a massive hack, with an estimated $6.3 billion in assets impacted. The incident, which is believed to be the largest in history, was confirmed by Binance on Thursday.
According to Binance's co-CEO Richard Teng, the hack is thought to have started with a compromised DevOps engineer's laptop, which allowed an attacker to make unauthorized withdrawals. However, Teng emphasized that the attack was more complex than a simple "one-click" action, involving a series of steps to gain access to the system.
Binance has frozen about half of the affected assets with the help of other platforms and has assured customers that their money is safe. The company has also stated that it will cover all losses incurred by users.
The hack has sent shockwaves through the cryptocurrency market, with Bitcoin dropping by more than 4% and other major cryptocurrencies including Ethereum and Solana experiencing sharp declines.
The incident is being investigated by law enforcement, with blockchain intelligence firm TRM Labs working closely with Binance to ensure the matter is handled appropriately.
