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Binance freezes half of funds stolen in $6.3bn hack
Binance froze $3bn of funds stolen in a $6.3bn North Korean-linked hack, setting aside $6.34bn to cover losses while Bitcoin dropped 5%.
Binance froze approximately $3bn of funds stolen in a $6.3bn hack attributed to a North Korean unit, while co-CEO Richard Teng confirmed the breach involved multiple entry points beyond a single compromised laptop. The firm set aside $6.34bn in company assets to cover losses and stated deposits remain unaffected despite suspending withdrawals initially. Bitcoin fell 5% to $76,800 and Coinbase dropped 12% as markets reacted to the incident and earnings results.
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Binance freezes half of funds stolen in $6.3bn hack
The world's largest cryptocurrency exchange, Binance, has taken steps to secure assets following a massive cyberattack that accessed $6.3 billion in funds. The company stated that the incident, described as complex, is believed to be the largest hack of its kind in history. In response to the breach, Binance has frozen around half of the stolen funds, securing approximately $3 billion in digital assets. However, the firm acknowledged that many of the remaining assets are still under the control of unidentified hackers. Initial reports suggested the breach originated from a compromised engineer's laptop, though further investigation is ongoing. Two analytics firms have attributed the attack to a North Korean hacking unit, highlighting the geopolitical dimensions of the incident. Despite the severity of the theft, Binance has indicated it has begun the process of recovering some of the lost funds.